First Gulf Bank has announced increase of its shareholders equity by Dh800 million through the issue of Convertible Bonds to four strategic UAE partners namely, Abu Dhabi Investment Company (ADIC), Abu Dhabi National Insurance Company (ADNIC), Gulf Trust Investments (GTI) and Mubadala Development Company.
The official signing ceremony was held in Abu Dhabi on Sunday.
In an Extraordinary Annual General Meeting held October 25, 2003, the board of First Gulf Bank announced that it will increase its equity by Dh800 millionn by introducing strategic partners, who will add value to the bank and help in expanding its business.
Abdulhamid Saeed, Chief Executive Officer, First Gulf Bank said: "This bond initiation is in line with our strategy to increase the equity of the bank, it will support our business expansion plans into new ventures and regions, where the market is full of opportunities."
First Gulf Bank one of UAE's fastest growing financial institutions, announced a 50% increase in its net profit reaching Dh 120.9 million in 2003 compared to 2002's net profit of Dh 80.6 million.
First Gulf Bank, established in 1979 has headquarters in Abu Dhabi and provides financial services across the UAE, with a wide distribution network of branches in different business & industrial areas like Abu Dhabi, Dubai, Sharjah, Ajman, and Al Ain. (menareport.com)
© 2004 Mena Report (www.menareport.com)
