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Acquisition will augment IFG's comprehensive range of capital market solutions for UAE investors
Abu Dhabi - The sale of FGB's 45% 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 André Sayegh, CEO of FGB, and JassimAlseddiqi, CEO of ADFG, at FGB's head office in Abu Dhabi.
The completion of the sale follows a Share Purchase Agreement (SPA) signed by both parties on October 2nd, 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.
FGFS was founded in 2001 and deals in local equities on the Abu Dhabi and Dubai stock markets. FGFS customers will continue to receive high-quality market advice and servicesprovided by an unchanged team of brokers and dedicated financial services professionals.
Commenting on the sale, AndréSayeghsaid: "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 reengineering of our business model is designed todrive the future growth and success of our franchisein line with our aspiration to be the "First Choice" for our customers in the UAE and overseas."
Jassim Alseddiqi, CEO of Abu Dhabi Financial Group, added: "The experienced financialteam 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 expectationsunder the IFG brand. In coming months, IFG will continue to develop and evolve enabling superiorservice quality and offeringto be realised by both retail and institutional investors."
IFG is supported by a strong investor base, which includes ADFG, institutional investors and high net worth individuals. Through access to securities trading, asset management, corporate finance, advisory, and research, amongst a wide range of other services, the specialist financialteam at IFG, which has extensive expertise and experience operating in the Middle East's capital markets, is well-placed to help prominent investors achieve their desired goals.
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About FGB
As a major leading Bank in the UAE, FGB had Shareholder Equity of AED 34.1 billion as of December 31st, 2014 making it one of the largest equity based Banks in the UAE. Established in 1979 and headquartered in Abu Dhabi, UAE, 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, Hong Kong, Seoul and London 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. FGB was named the 'Best Bank in the United Arab Emirates' and 'Best Wealth Management Firm' at the Banker Middle East Industry Awards 2014. It was also ranked as the 8th most powerful company in the Arab World in Forbes' 'Top 500 companies in the Arab World' list. FGB was also recently recognised as an "Employer of Choice" at the GCC Best Employer Brand Awards 2014 and has been honoured in the SME Banking Sector category of the inaugural Enterprise Agility Awards.
For more information about FGB, visit the website at: www.fgb.ae
Take a look at FGB's social media profiles using the following links:
Facebook: FGB
Twitter:@FGBConnect
Instagram:FGBConnect
YouTube: The FGB Channel
Linkedin: FGB
About ADFG and IFG
Headquartered in Abu Dhabi, ADFG is a multi-billion dollar alternative investment firm with operations encompassing investments, asset management, advisory and research, financing and structured solutions, and real estate development. ADFG is a pioneer in alternative investments with a focus on financial services, real estate and debt.
IFG is an integrated platform under Abu Dhabi Financial Group that provides capital market initiatives including securities trading, asset management, corporate finance, advisory, and research services focused on the UAE capital markets.
About FGFS
FGFS is a UAE-based equity brokerage company established in 2001offering a wide range of services including buying and selling local shares.
For media inquiries, please contact:
FGB
Ghaleb Zeidan
Weber Shandwick MENA
Phone: + 971 50 778 2286
Fax: + 971 2 449 4833
Email: GZeidan@webershandwick.com
Jennifer Cain
Weber Shandwick MENA
Phone: + 971 55 4741105
Fax: + 971 2 449 4833
Email: JCain@webershandwick.com
Hiba Haddad
Weber Shandwick MENA
Phone: + 971 56 1679577
Fax: + 971 2 449 4833
Email: hhaddad@webershandwick.com
ADFG and IFG
Tom Drummond
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Email: tom.drummond@bm.com
© Press Release 2015
