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FGB finalises sale of 45% stake in FGFS to IFG

Staff Report
Filed on March 24, 2015
FGB finalises sale of 45% stake in FGFS to IFG

Building on synergies, the completion of the transaction will improve IFG’s ability to provide a full range of bespoke capital market solutions to sophisticated investors based in the UAE.


Jassim Alseddiqi and Andre Sayegh during the signing ceremony in Abu Dhabi. — Supplied photo

Jassim Alseddiqi and Andre Sayegh during the signing ceremony in Abu Dhabi. — Supplied photo

Abu Dhabi — The sale of First Gulf Bank’s (FGB) 45 per cent stake in brokerage firm First Gulf Financial Services (FGFS) to Integrated Financial Group (IFG), a company managed and controlled by Abu Dhabi Financial Group (ADFG), has now been concluded.

The transaction was finalised recently during a signing ceremony attended by Andre Sayegh, CEO of FGB, and Jassim Alseddiqi, CEO of ADFG, at FGB’s head office in Abu Dhabi.

The completion of the sale follows a share purchase agreement signed by both parties in October 2014.

The deal is in line with FGB’s strategy to enhance its focus on core business areas and allows IFG to bring complementary financial products, services and advice under one roof.

Building on synergies, the completion of the transaction will improve IFG’s ability to provide a full range of bespoke capital market solutions to sophisticated investors based in the UAE.

Sayegh said: “Following our strong performance in 2014, the bank remains focused on growing its core business areas and enhancing key business activities to deliver quality services and innovative products to our client groups. The re-engineering of our business model is designed to drive the future growth and success of our franchise in line with our aspiration to be the first choice for our customers in the UAE and overseas.”

Alseddiqi added: “The experienced financial team at FGFS is dedicated to providing loyal clients with the best possible service. With client’s specific needs and aspirations at the forefront of every decision taken, the team will continue to deliver excellence, benchmarked by results which surpass industry expectations under the IFG brand. In coming months, IFG will continue to develop and evolve enabling superior service quality and offering to be realised by both retail and institutional investors.”

— business@khaleejtimes.com





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