13 November 2008
UAE-based First Gulf Bank (FGB) in partnership with the Economic and Social Development Fund (ESDF) of Libya has started operations of First Gulf Libyan Bank (FGLB) in Tripoli, a statement said yesterday.
The inauguration was held under the patronage of Libyan Prime Minister Al Bughdadi Al Mahmoudi and was attended by Hamed Arabi El Houderi, General Manager of ESDF and Chairman of FGLB; Abdulhamid Saeed, Managing Director of FGB and Vice Chairman of FGLB; Ahmed Al Sayegh, FGB Board Member, and André Sayegh, CEO of FGB.
Equally owned by ESDF and FGB and fully managed by FGB, FGLB will initially offer a range of corporate products to businesses in Libya. FGLB will expand its range of products and services to address the emerging needs of the country, the statement said yesterday.
Ahmed Al Sayegh said: "The Libyan economy is seeing tremendous growth in all sectors and enjoying diversified sources of income. At First Gulf Bank, we are pleased to partner with the Economic and Social Development Fund of Libya and open First Gulf Libyan Bank.
"There are many similarities between Libya and the UAE, as both countries have ongoing major development projects in various fields and sectors, and they both enjoy strong economy.
"We are pleased to be a part of Libya's economic development which will benefit the business ties between the two countries."
UAE-based First Gulf Bank (FGB) in partnership with the Economic and Social Development Fund (ESDF) of Libya has started operations of First Gulf Libyan Bank (FGLB) in Tripoli, a statement said yesterday.
The inauguration was held under the patronage of Libyan Prime Minister Al Bughdadi Al Mahmoudi and was attended by Hamed Arabi El Houderi, General Manager of ESDF and Chairman of FGLB; Abdulhamid Saeed, Managing Director of FGB and Vice Chairman of FGLB; Ahmed Al Sayegh, FGB Board Member, and André Sayegh, CEO of FGB.
Equally owned by ESDF and FGB and fully managed by FGB, FGLB will initially offer a range of corporate products to businesses in Libya. FGLB will expand its range of products and services to address the emerging needs of the country, the statement said yesterday.
Ahmed Al Sayegh said: "The Libyan economy is seeing tremendous growth in all sectors and enjoying diversified sources of income. At First Gulf Bank, we are pleased to partner with the Economic and Social Development Fund of Libya and open First Gulf Libyan Bank.
"There are many similarities between Libya and the UAE, as both countries have ongoing major development projects in various fields and sectors, and they both enjoy strong economy.
"We are pleased to be a part of Libya's economic development which will benefit the business ties between the two countries."
© Emirates Business 24/7 2008
