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First Gulf Bank eyes overseas expansion
March 8, 2010
First Gulf Bank, which achieved the best financial results and the biggest profits among all other banks in the UAE despite the economic crisis, is not planning to acquire banks in the UAE. However, it is seeking to expand outside the country.
"The bank is looking at future extensions in the UK and Chinese markets," Andrei Sayegh, CEO of First Gulf Bank, told Emirates Business.
He said a deadline has not been fixed to issue new bonds for the bank yet, and added that any issue will be made as per the needs of the bank and the market.
Sayegh added that the bank has no objection to increasing the rate of foreign ownership. "Foreign ownership currently represents 13.3 per cent.
Original Posting At: Business24-7
"The bank is looking at future extensions in the UK and Chinese markets," Andrei Sayegh, CEO of First Gulf Bank, told Emirates Business.
He said a deadline has not been fixed to issue new bonds for the bank yet, and added that any issue will be made as per the needs of the bank and the market.
Sayegh added that the bank has no objection to increasing the rate of foreign ownership. "Foreign ownership currently represents 13.3 per cent.
Original Posting At: Business24-7
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