Investment in Risk Management Solutions give FGB the Leading Edge
Abu Dhabi-headquartered First Gulf Bank (FGB) – one of the UAE’s leading financial institutions – has contracted Dun & Bradstreet South Asia Middle East Limited (D&B SAME), the worldwide leading provider of business information, risk management solutions and analytics, to enhance and develop the bank’s risk management and compliance protocols.
The tie-up will provide consultancy and technology solutions for the development of processes and systems that meet the exacting standards laid down in The Basel Capital Accord known as Basel II - which has created an urgent need amongst banking organizations for sophisticated risk management tools. “Basel II is built on three pillars which require us to align our capital requirements more closely with the actual risk of economic loss,” explains André Sayegh, CEO of FGB. “We would continue to improve management policies and procedures enabling us to exercise sound judgment and motivate prudent management by enhancing the degree of transparency in our public reporting,” added Mr. Sayegh.
“The Basel II framework will be a catalyst in moving towards an integrated, forward looking and process oriented approach to managing all business risks and opportunities, thereby maximizing customer, employee and shareholder value,” said Arif Shaikh, Executive Vice President, FGB.
“Striving to comply with these standards is number one priority for FGB and are the first few steps to developing our Enterprise Risk Management (ERM) strategy. We have gone much beyond merely looking at Basel II as a compliance initiative and are introducing state of the art technology in all the three risk management streams to ensure we have the best class Technology and Risk Management processes. These initiatives give us a competitive edge in optimizing our corporate aim towards becoming truly a global bank in the future,” added Mr. Shaikh.
“D&B SAME will work across several FGB divisions providing consultative advice and customized technology to enhance FGB’s enterprise-wide risk management framework and automate processes in Corporate Credit, Retail Credit and Operational Risk areas,” said Mr. Rajesh Mirchandani, CEO of D&B SAME.
“We will work with FGB to provide the insight it needs to build profitable, quality business relationships with its customers, suppliers, business partners - the companies they interact with every day. Our Risk Management Software Solutions and Analytics Solutions are designed to enable FGB maximize its stakeholder value.” said Mr. Mirchandani.
SIGNING-CER: Seated L to R - Mr. Rajesh Mirchandani, CEO of D&B SAME, Arif Shaikh, Executive Vice President, FGB, Zulfiquar Ali Sulaiman, Business Support Director, FGB.
HANDSHK: L to R - Mr. Rajesh Mirchandani, CEO of D&B SAME and Arif Shaikh, Executive Vice President, FGB
About First Gulf Bank:
First Gulf Bank (FGB) is one of the largest equity based banks in the UAE with shareholder equity at AED 9 billion at end 2006. Headquartered in Abu Dhabi, FGB was established in 1979. FGB provides financial services across the UAE with a wide distribution network of branches in different business and industrial areas. The bank offers a variety of financial services in Corporate Banking, Treasury and Investment, and Retail Banking Services. The bank focuses on providing financial services and solutions to different target groups in the market like private and public institutions and retail customers.
With a philosophy of making a difference in every sector it serves, FGB provides and optimises value to its shareholders, customers, and employees. The bank's core purpose is to be a world class organisation maximising value for all stakeholders. Its belief in innovation, quality, customer service, team spirit and integrity has led the bank to tremendously expand its business operations over the last three years, increasing its profits and shareholders' earnings.
Fitch Ratings has affirmed the bank's ratings at Issuer Default 'A' with stable outlook, short-term 'F1', individual 'C' and support '1'. The individual ratings reflect FGB's sound capitalisation, growing franchise and good profitability and liquidity. FGB's results for 2006 showed an improved performance with reported net income of AED1.5 billion, equating to an average return on equity of 18.3%. The bank benefits from increased opportunities in the UAE to grow its loan book and fee income.
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