UAE's Gargash Group acquires Deem Finance

Firm looks to enhance its offerings in financial services sector

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

REUTERS/Satish Kumar

UAE-based conglomerate Gargash Group has acquired financial services provider Deem Finance. 

The company, which has businesses in automotive, real estate and non-banking financial services sectors, said the acquisition will enhance its offerings. 

Gargash Group did not disclose the value of the deal. 

“This is a transformational transaction that will allow us to reimagine financial services in a way that the success of our brands is aligned with the financial success of our customers,” said Shehab Gargash, managing director and group CEO of Gargash Group. 

The company has a strong presence in the non-banking financial services sector for 23 years through Daman Investments, which offers services including asset management, securities brokerage and wealth management. 

The newly acquired company, Deem Finance, offers credit cards, personal loans and wholesale deposit products to UAE corporate clients. 

“Deem Finance has built a strong product portfolio and has the technological foundation required to launch innovative financial products and services catering to the evolving needs of both individual and corporate customers,” said Ahmed Khizer Khan, CEO of Daman Investments. 

(Writing by Cleofe Maceda; editing by Seban Scaria)

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