Thursday 21 June 2018

FGB acquires share capital of Dubai First

Dubai, July 4, 2013

UAE-based First Gulf Bank (FGB) acquired the entire share capital of Dh601 million ($164 million) of Dubai First, under the legal guidance of Norton Rose Fulbright Abu Dhabi.

Dubai First is a leading consumer finance company specialising in liability and credit card products and this first major acquisition will enhance FGB’s retail capabilities and client base, said a statement.

The sale was structured as an auction process with 22 initial contesting bidders. The final four bidders included major UAE and international banks, it said.

EFG-Hermes acted as the sole financial advisers and Freshfields Bruckhaus Deringer as legal adviser to Dubai Financial Group (DFG), the seller and parent company of Dubai First, it added. – TradeArabia News Service

Tags: First Gulf Bank | Dubai First | FGB |

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