FGB receiving the award during the award ceremony
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First Gulf Bank (FGB), one of the leading banks in the UAE, was awarded for the second time in a row as the “Best Local Bank in the United Arab Emirates” for 2012 during EMEA Finance’s Annual Middle East Banking Awards, which took place at the Jumeirah Emirates Towers in Dubai on Monday 22 April, 2013.
The Middle East Banking Awards is organised by EMEA Finance, the leading financial publication known for providing in-depth reports and analytical pieces on European, Middle Eastern and African markets. The core reason behind establishing the awards five years ago was to recognise the efforts of leading local and international banks and financial institutions in the region through their retail, investment banking, asset management and brokerage activities.
Andre’ Sayegh, CEO of First Gulf Bank, commented on the award saying: “At First Gulf Bank, we always strive to elevate our service standards through our dedicated staff across all our branches and across a diversified range of product offerings. Winning this prestigious award for the second consecutive year is a great honor for us and highlights our continuous determination to aim higher year after year.”
Sayegh added: “This award recognizes our high standards and our achievements in 2012 which culminated in a Net Profit of AED 4,154 million, which was 12% higher than the previous year."
Christopher Moore, publisher & CEO, EMEA Finance, said: “First Gulf Bank is a deserved winner of this award. The bank is outpacing its rivals in nearly every key financial performance measurement and ratio used in the banking industry. Additionally, the bank demonstrates a commitment to grow its market share and presence in Islamic finance.”
“First Gulf Bank’s funding activities continue to impress us. The most notable international transactions successfully completed by the bank include: the three times oversubscribed US$500 Sukuk issued in January, the $650mn 5-year EMTN that registered demand four times the note’s principal in October, and the three year US$900mn senior unsecured loan (TFL) completed in November. This extremely busy year in the bank’s treasury operations places the bank in a very distinguished, elite group of financial institutions active in EMEA,” he added.
He continued: “Finally, we note that First Gulf Bank remains a leading player in project and export finance in the Middle East and has been instrumental in supporting several innovative and unique transactions.”