First Gulf Bank (FGB) has expanded its branch network service by opening a branch in the Emirate of Sharjah. This is the sixth branch for FGB in the United Arab Emirates (UAE), stated a press release
“This branch opening is part of the bank’s expansion and growth initiatives. The emirate of Sharjah plays a vital business role in the UAE, and as part of our service initiatives we opened a branch to service many of our existing clients and potential retail and corporate businesses,” Chief Executive Officer of FGB, Abdulhamid Saeed.
The bank recorded the highest growth in profits compared to other banks in the UAE for 2002, where profits grew by 31 percent to 80.6 million Emirati dirhams ($30 million). Moreover, the bank was among the top five banks in the UAE in terms of shareholders’ equity growth where it grew by 20 percent to Dh 669 million. The bank has also recorded a 76 percent profit growth in the first quarter of this year to Dh 27.7 million. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
