Abu Dhabi 22 May, 2013: First Gulf Bank (FGB), one of the major leading banks in the UAE, has been recognised as the 3rd most powerful company in the UAE and 6th leading bank in Forbes' 'Top 500 in the Arab World' list, on the back of its outstanding financial performance in 2012 and solid potential for growth.
The bank's Chief Financial Officer Karim Karoui received the award during Forbes' Middle East VIP Gala Dinner held under the patronage of HE Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development at the Ritz Carlton- Abu Dhabi.
Commenting on FGB's ranking, Andre Sayegh, CEO of FGB said: "FGB is now recognised for its superior market performance and its consistent and well managed growth. Being ranked as the 3rd most powerful entity in the UAE and 6th leading bank in the Arab World reaffirms that we have created a winning business formula which focuses on balance sheet management, conservative risk management, customer centricity, and strong product offering."
"The ranking reflects not just our current and past achievements, but also recognised our potential for future growth," Sayegh added.
Khuloud Al Omian - Editor In Chief - Forbes Middle East commented on FGB's ranking and said: "Featuring prominently on Forbes Middle East's ranking of Top 500 Companies in the Arab World, First Gulf Bank ranked 6th amongst banks this year, boasting a stellar performance with $47.7 billion in total assets, and impressive profits of $1.1 billion. The bank also reported a market value of $11.1 billion."
FGB was previously also recognised as the 'third best performing entity in the UAE in 2011' in Forbes' 'Top 50 Companies in the UAE 2011' list.
About First Gulf Bank
As a major leading bank in the UAE, First Gulf Bank (FGB) had Shareholder Equity of AED 28 billion as of March 31st, 2012 making it one of the largest equity based banks in the UAE. Established in 1979 and headquartered in the UAE capital, Abu Dhabi, the bank offers a full range of financial services to business and consumer sectors throughout an extensive network of branches across the UAE. Internationally FGB has branches in Singapore and Qatar, representative offices in India and Hong Kong and a subsidiary in Libya.
Today, FGB is recognised as a world-class organisation committed to maximising value for shareholders, customers and employees as it focuses on delivering banking products and services that meet client needs and support the UAE's dynamic economy. In line with its commitment to excellence the bank continues to invest significantly in people and technology to provide superior service standards. First Gulf Bank was named the 'Best Local Bank in the UAE' for 2011 and 2012 by EMEA Finance.
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© Press Release 2013
