First Gulf Bank to expand to GCC markets
Supported by a fresh injection of capital, First Gulf Bank (FGB) is spreading its wings to GCC markets and will double its branch network in the United Arab Emirates by the year 2006, the bank's chief said Saturday.
The bank's new state-of-the-art branch on Al Salam Street in the capital was formally opened by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Information and Culture, in the presence of high-ranking government officials and businessmen, Gulf News reported.
Currently the bank has seven branches in the UAE.
"We have the capital now and we want to expand outside the UAE. We are studying neighbouring GCC markets to open branches," Abdulhamid Saeed, the bank's Chief Executive, told the daily after the opening.
"We plan to open eight more branches in the next one-and-a-half years in the UAE," he added. (menareport.com)
© 2004 Mena Report (www.menareport.com)