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First Gulf Bank Acquires Dubai First For AED601 Million
(6 November 2013)


First Gulf Bank, one of the major leading banks in the UAE, has announced the completion of its acquisition of Dubai First. This is in line with FGB’s expansion strategy of developing existing businesses and offering more value to an expanding UAE customer base. Since its establishment in 2007, Dubai First has built a strong reputation and market share in the cards business by offering unique customer value.

On the completion of the deal, Andre’ Sayegh, CEO of First Gulf Bank said, “Dubai First offers great synergy with the FGB business. It supports our customer centric strategy and will create an integrated platform for developing exciting, new products in the future.”

Ms. Hana Al Rostamani will lead the newly constituted Board of Directors as Chairman of the Company.

Ms. Rostamani added, “We are committed to meeting our consumers and stakeholders goals through our strong financial product offering. As such, we will ensure that Dubai First customers retain their overall experience in addition to the relationship and network benefits of FGB’s operation. They will continue to enjoy all the benefits of their Dubai First cards and can look forward to an improved and wider product choice in the future, both nationally and internationally.”

“The innovative ‘First’ spirit of both companies is evident in our names and we shall nurture the Dubai First brand and its portfolio while optimising the business synergies to provide an excellent consumer proposition and grow business in every way”.

Dubai First will maintain an independent board of directors. Under their leadership, and with their combined expertise, the bank will continue investing in providing leading quality products and services to its customers.

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