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UAE's First Gulf Bank builds investment banking business

February 4, 2014

First Gulf Bank is hiring investment bankers to tap an expected pickup in companies issuing debt and listing on stock markets, a senior executive said on Tuesday, ArabianBusiness reported quoting a Reuters' report. FGB, the second-largest lender by market value in the UAE , wants to add investment banking to its wholesale operations to better compete with local banks. Banks in the UAE are reaping the benefits of a recovering economy, helped mainly by an upturn in the real estate sector together with reduced debt worries at some state-linked entities. "The markets are giving us enough confidence to invest in this business. Some banks have built up capabilities in this, FGB was slow to the party," Simon Penney , head of FGB's wholesale & international banking told reporters.; All Rights Reserved - Mubasher Info


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Source: Mubasher (Saudi Arabic)


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