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