First Gulf Bank

First Gulf Bank PJSC
Company typePublic
ADX: FGB
IndustryFinancial services
Founded1979
Defunct2016
SuccessorFirst Abu Dhabi Bank
HeadquartersAbu Dhabi, UAE
ProductsWholesale banking
Consumer Banking
Treasury and investments
Number of employees
2,000
Websitewww.fgb.ae

FGB (formerly known as First Gulf Bank) was the third largest bank by assets in the United Arab Emirates (UAE),[1] until it merged with the National Bank of Abu Dhabi in December 2016 to form First Abu Dhabi Bank, creating the largest bank by assets in the UAE.[2] Established in 1979, FGB is headquartered in the Emirate of Abu Dhabi. FGB offers a wide range of financial services in the wholesale, consumer, and treasury banking sectors, including Islamic banking and bancassurance solutions for businesses and consumers via a network of branches across the UAE. Internationally, FGB has a branch in Singapore - that includes global wealth management services and a branch in Qatar, representative offices in London, India, Hong Kong, and Seoul, South Korea, and a subsidiary in Libya.

In 2013, the bank restructured its business into three divisions: the Wholesale Banking Group, the Consumer Banking Group, and the Treasury & Global Markets Group. In the same year, FGB also announced that it had acquired full ownership of Shariah-compliant finance company Aseel Islamic Finance[3] and consumer finance firm Dubai First.[4]

In December 2016, shareholders approved the bank's plans to merge with the National Bank of Abu Dhabi (NBAD)[5] and both banks finalized the second-tier management by February 2017.[6] The plan to merge the banks, which was first announced in June 2016, will be executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they hold. The merged entity is now known as First Abu Dhabi Bank.[7][8]

  1. ^ First Gulf Bank to set up $1.07 billion sukuk in Malaysia: Reuters, March 6, 2014
  2. ^ "About the Merger". Archived from the original on 2017-09-05. Retrieved 2018-04-30.
  3. ^ First Gulf Bank taps rising demand for Sharia finance with purchase of Aseel: The National, October 26, 2013
  4. ^ First Gulf Bank completes acquisition of Dubai First: Gulf News, November 6, 2013
  5. ^ Shareholders of NBAD, FGB approve merger:Gulf News, December 7, 2016
  6. ^ Ahead of merger, UAE banks NBAD, FGB finalise second-tier management:Emirates 24|7, February 7, 2017
  7. ^ "FGB and NBAD have Successfully Merged". Archived from the original on 2017-09-05. Retrieved 2017-09-05.
  8. ^ "أكبر مصرف بالمنطقة بعد دمج "أبوظبي الوطني" و"الخليج الأول"". 2017-08-30. Archived from the original on 2017-08-30. Retrieved 2024-01-19.