Tuesday 22 July 2014
 
»
 
»
DEAL WORTH $163.6m

FGB buys debt-hit Dubai Group's credit card firm

Dubai, June 23, 2013

First Gulf Bank (FGB), the UAE's second largest bank by market capitalisation, has acquired a consumer financial services firm from debt-laden investment firm Dubai Group for 601 million dirhams ($163.6 million), it said on Sunday.

The acqusiition of Dubai First, which specialises in liability and credit card products, helps FGB expand its customer base in the UAE, the lender said in a statement.

The sale is part of Dubai Group's efforts to address its debt as it restructures $10 billion of laibilities with creditors, Fadel al-Ali, the firm's chief executive said in the statement.

A unit of Dubai Holding, the investment arm of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, Dubai Group has a portfolio of mainly financial services assets bought during the boom years of the mid-2000s, but which have plunged in value since the 2008 global financial crisis.-Reuters




Tags: abu dhabi | First Gulf Bank | credit card | Dubai First |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads

Buy high quality China wholesale Health & Beauty , Electronics, Sports & Outdoors , Computers, Video Games, Toys & Hobbies Cell Phones, Automobiles and other wholesale products directly from reliable Chinese wholesalers or Factories on DHgate.com