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FGB bags ‘best local bank in UAE’ honour

ABU DHABI — First Gulf Bank, or FGB, was awarded the ‘Best Local Bank in the UAE’ award for 2011 during EMEA Finance’s Annual Middle East Banking Awards. FGB was honoured during the event’s charity dinner, which was held on Wednesday in Dubai.

Andre’ Sayegh, CEO of FGB said: “We are pleased to have received a prestigious award of this caliber, and to have been recognised for our achievements over the past year, which reflects FGB’s strong fundamentals and wise strategy, as well as our commitment to provide an excellent service to our customers and provide optimum returns to our shareholders.”

“Year after year and for over ten years, FGB has delivered strong financial results. The year 2011 was another year of solid performance; FGB has recorded a net profit of Dh3,707 million, thus exceeding the $1billion mark, an increase of eight per cent from its net profit for 2010. Despite a challenging global financial environment, our bank has been able to ensure consistent growth and attracted international investors to both our Sukuk issues of July 2011 and January 2012, which were oversubscribed many folds by international investors in the Middle East, Europe and Asia,” Sayegh added.

— business@khaleejtimes.com