Fastest-growing Bank in The Middle East
Managing director, Abdulhamid Saeed, attributes the bank’s “tremendous growth” in part to the UAE’s benign economic environment and consequent explosive demand for credit. The bank has also won the Dubai Quality Award in the Emirate of Dubai as well as the Sheikh Khalifa Excellence Award in the Emirate of Abu Dhabi. After raising its share capital in 2004 by issuing convertible bonds to four strategic partners to raise about AED 1 billion, FGB will double its equity capital in 2005 with a rights issue for existing shareholders. Banks in the United Arab Emirates benefited greatly from the oil price increases in 2005. FGB's profit growth rate is currently the highest among banks in the country. FGB recently come up with a 500 million Dirham rights issue for its shareholders and its 2005 profit for the first 9 months of the year has shot up to an astounding 750 million Dirhams. The bank recently declared a stock split for greater liquidity, a greater volume of trades and more access to some smaller investors.
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