First Gulf Bank (FGB), one of the UAE’s leading financial institutions headquartered in Abu Dhabi with assets of over US$ 15 billion, has launched “First Wealth” – FGB’s Wealth Management Services.
Set up to target the UAE’s and the region’s High Net Worth Individuals (HNWI) and mass affluent segments, First Wealth will provide a comprehensive range of investment products and services tailored to the financial planning needs of local and expatriate clientele.
HNWI wealth has grown significantly in the Middle East, with recent estimates by the World Worth Report saying the number of US$ millionaires in the region grew by 11.9% in 2006 to stand at 300,000 with a combined wealth of US$1.2 trillion.
“With massive increases in available capital, the Arab world is proving to be a very promising investment partner. With the launch of First Wealth we are ideally positioned to offer existing and potential HNWI clients a dynamic investment opportunity, through wide ranging asset allocation portfolios” said André Sayegh, CEO, FGB.
“Leveraging our unique market understanding and best practice standards, we will ensure a highly-sought after and sound investment vehicle for the region.”
“This is another progressive step forward for FGB and opens up a well-designed and internationally sound opportunity for the market that continues to confirm our status as a leading financial institution.” Sayegh concluded
The bank will initially have access to more than 3,600 investment & insurance products across asset classes with a capital guarantee provisions available, offering an unparalleled choice for customers.
“FGB provides a diverse range of opportunities for savings & investment portfolio construction through carefully selected products, managed for our clients by our certified Relationship Managers. Acting as a consultant to independently manage and recommend the best solutions, our local knowledge, international expertise and world-renowned product partners will be critical in establishing us as a trusted industry partner,” said Mufazzal Kajiji, Head of Wealth Management, FGB.
“Your certified Wealth Relationship Manager, personally assigned and dedicated to you and your portfolio, will take you through our disciplined 4-Step Wealth Management process - understanding your needs, assessing your risk profile, recommending the right portfolio for your particular objectives and managing your portfolio on an ongoing basis.”
First Wealth services will also oversee clients’ other investment portfolios such as health plans, savings and insurance, offering a holistic personal finance management service ensuring unparalleled efficiency.
“At First Wealth we are also implementing an innovative Loyalty Program for our clients which would add financial value to their portfolios. So far most loyalty programs have revolved around credit card spends, but for the first time we will launch a program that recognises the growth in the client portfolio and rewards him with financial value benefits.” concluded Kajiji.
About First Gulf Bank:
First Gulf Bank (FGB) is one of the largest equity based banks in the UAE with shareholders 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 stake-holders. The belief in innovation, quality, customer service, team spirit, & integrity has led the bank to tremendously expand its business operations over the last three years and thereby increase its profit returns and shareholders' earnings.
Fitch Ratings has affirmed the banks's ratings at Issuer Default 'A' with stable outlook, short-term 'F1', individual 'C' and support '1'. Moody's Investors Service has assigned FGB A2/Prime-1local- and foreign-currency deposit ratings and a D+ financial strength rating. 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 AED1.5billion, 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.
