First Gulf Bank

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FGB (First Gulf Bank)
Type Public (ADXFGB)
Industry Financial Services
Founded 1979
Headquarters Abu Dhabi, UAE
Products Wholesale banking
Consumer Banking
Treasury and investments
Employees 2,000

FGB (formerly known as First Gulf Bank) is currently the third largest bank by assets in the United Arab Emirates (UAE).[1] Established in 1979, FGB is headquartered in the emirate of Abu Dhabi.

FGB offers a wide range of financial services in the wholesale, consumer and treasury banking sectors, including Islamic banking and bancassurance solutions for businesses and consumers via a network of branches across the UAE. Internationally, FGB has branches in Singapore and Qatar, representative offices in India, Hong Kong and Seoul, South Korea, and a subsidiary in Libya.

In 2013, the bank reshaped its businesses into three core pillars: the Wholesale Banking Group, the Consumer Banking Group and the Treasury & Global Markets Group. In the same year, FGB also announced that it had acquired full ownership of Shariah-compliant finance company, Aseel Islamic Finance,[2] and consumer finance firm, Dubai First.[3]

Growth and successes[edit]

FGB has Shareholder Equity of AED 31.0 billion as of June 30, 2014,[4] making it one of the largest equity based banks in the UAE. FGB achieved record revenue and profit growth in 2013 and its strong performance was recognised by international rating agencies, including RAM Ratings, which provided the bank with an AAA grade,[5] and FGB’s Long Term Rating was affirmed at A+ by Fitch.[6]

In 2014, FGB continued to achieve record profits, reaching a net profit of AED 2,680 million at the end of the first half of 2014, a 21% increase when compared with the same period last year (H1’2013).[7] The bank’s consistent performance has also led to a Financial Strength Rating of 'A+' from Capital Intelligence.[8]

Forbes Middle East ranked FGB as the 8th most powerful company and 4th leading bank in its 2014 ‘Top 500 companies in the Arab World’ list.[9] FGB was also named the ‘Best Bank in the United Arab Emirates’ and ‘Best Wealth Management Firm’ at the Banker Middle East Industry Awards 2014.[10]

International activities[edit]

Throughout 2014, FGB enhanced its presence in the Asia Pacific market with the launch of a new representative office in South Korea [11] and a Global Wealth Management service at its Singapore branch.[12] The bank has also announced plans to open a new office in China in the future.[13]

FGB’s other international activities in 2014 include the conclusion of a Negotiable Certificate of Deposit (NCD) programme via its Singapore branch [14] and the issuance of the bank’s debut 250 million Australian dollar (USD 228.35 million) ‘Kangaroo’ 5-year bond.[15] FGB has also received approval for a Sukuk issuance in Malaysia [16] and became the first MENA issuer in the Tokyo Pro-Bond Market, selling a debut 10 billion yen (USD 98.2 million) bond.[17]

New brand[edit]

In April 2014, FGB, formerly known as First Gulf Bank, unveiled its current logo after announcing a shift in the bank’s corporate identity.[18] As part of the rebrand, the bank adopted the acronym, ‘FGB’, which was already widely used by its stakeholders. FGB remains First Gulf Bank in Arabic however, and no changes have been made to the bank as a legal entity.

FGB announced to media that the rebrand was part of a long-term strategy to grow the bank locally and internationally, and reflects its UAE and Abu Dhabi heritage, commitment to Emirati development and aspirations and ambitions for further success and growth in the future.


FGB is a sponsor of Ferrari World Abu Dhabi (FWAD), the largest indoor and the only Ferrari-branded theme park in the world. FGB sponsors the Junior GT ride at FWAD, which is part of its driving school where children receive their first training about road safety and discipline and learn about the essential rules they will need to abide by once they start driving.

The bank also sponsors the Al Ain Sports & Cultural Club and in 2014, launched the ‘FGB Arena’,[19] which is located in Zayed Sports City, Abu Dhabi. The ‘FGB Arena’ is home to a range of regular programmes, from sports and music events through to conferences and exhibitions. Managed by an operator in co-operation with FGB, the venue can accommodate up to 6,000 spectators.


Board of Directors

H.H. Sheikh Tahnoon Bin Zayed Al Nahyan – Chairman

Ahmed Ali Al Sayegh - Vice Chairman

Abdulhamid Mohammed Saeed - Board Member

Khaldoon Khalifa Al Mubarak - Board Member

Sultan Khalfan Al Ktebi - Board Member

Mohammed Saif Al Suwaidi - Board Member

Management Team

André Sayegh - Chief Executive Officer

Arif Shaikh - Chief Risk Officer

Christopher Wilmot - Head of Treasury & Global Markets Group

Gareth Powell - Head of Human Resources

Hana Al Rostamani - Head of Consumer Banking Group

Jasim Al Ali - Chief Executive Officer, First Gulf Properties & Mismak Properties

Karim Karoui - Chief Financial Officer

Sara Al Binali - Head of Strategic Planning

Shirish Bhide - Chief Credit Officer

Simon Penney - Head of Wholesale Banking Group

Zulfiquar Ali Sulaiman - Chief Operating Officer

External links[edit]

FGB website

Aseel Islamic Finance

Dubai First



  1. ^ First Gulf Bank to set up $1.07 billion sukuk in Malaysia: Reuters, March 6, 2014
  2. ^ First Gulf Bank taps rising demand for Sharia finance with purchase of Aseel: The National, October 26, 2013
  3. ^ First Gulf Bank completes acquisition of Dubai First: Gulf News, November 6, 2013
  4. ^ FGB Net Profit up 21% in the First Half of 2014 Confirming Strong Earnings Momentum: Zawya, July 22, 2014
  5. ^ RAM Ratings assigns AAA/Stable/P1 ratings to First Gulf Bank, the UAE’s third-largest bank: RAM Ratings, March 6, 2014
  6. ^ RPT-Fitch Affirms First Gulf Bank at 'A+'; Outlook Stable; Upgrades VR to 'bbb': Reuters, April 8, 2013
  7. ^ FGB posts 21% increase in H1 net profit: Gulf News, July 22, 2014
  8. ^ First Gulf Bank - Ratings Affirmed with Stable Outlooks: Capital Intelligence, June 25, 2014
  9. ^ FGB ranked in top 10 companies and named 4th leading bank in the Arab world by Forbes Middle East: AME Info, June 19, 2014
  10. ^ FGB named 'Best Bank in United Arab Emirates' and 'Best Wealth Management firm': Zawya, June 4, 2014
  11. ^ FGB begins operations in Seoul: Gulf News, July 14, 2014
  12. ^ FGB launches Global Wealth Management service in Singapore: Gulf News, May 5, 2014
  13. ^ FGB’s wholesale group to take part in deals worth $15b: Gulf News, February 4, 2014
  14. ^ FGB sets up $1b Singapore programme to fund Asian expansion: Gulf Today, April 16, 2014
  15. ^ First Gulf Bank Follows NBAD With Middle Eastern Kangaroo Bond: Bloomberg, March 24, 2014
  16. ^ FGB to set up $1.07b sukuk in Malaysia: Gulf Today, March 7, 2014
  17. ^ FGB concludes 5-year bond on new Tokyo Pro-Bond Market: WAM, June 26, 2014
  18. ^ New name and growth focus for First Gulf Bank: The National, April 20, 2014
  19. ^ Inaugurating the ‘FGB Arena’ in Abu Dhabi: AlBawaba, February 4, 2014