First Gulf Bank

First Gulf Bank was a United Arab Emirates banking brand headquartered in Abu Dhabi and established in 1979. Before its merger, it was described as the UAE's third-largest bank by assets. The institution served businesses, government-linked and wholesale clients, affluent customers, and retail consumers through a broad portfolio spanning wholesale banking, consumer banking, treasury and global markets, Islamic finance, wealth management, and bancassurance. The bank's principal market was the United Arab Emirates, supported by a domestic branch network. It also developed an international platform intended to support cross-border corporate banking, capital markets, wealth management, and trade-related activity. This platform included a branch in Singapore with global wealth management services, a branch in Qatar, representative offices in London, India, Hong Kong, and Seoul, South Korea, and a subsidiary in Libya. In 2014, the bank reported strengthening its Asia-Pacific presence through a South Korean representative office and an expanded wealth-management offering in Singapore. It also used international funding markets, including a Singapore negotiable certificate of deposit program, an Australian-dollar Kangaroo bond, a Malaysian sukuk approval, and a yen bond issued through the Tokyo Pro-Bond Market. FGB reorganized its operating model in 2013 around three principal divisions: Wholesale Banking, Consumer Banking, and Treasury & Global Markets. The same year, it announced the acquisition of full ownership of Aseel Islamic Finance, a Sharia-compliant finance company, and Dubai First, a consumer-finance business. These moves broadened the bank's presence in Islamic finance and consumer lending while complementing its core banking activities. The brand also pursued a visible corporate-identity and sponsorship program. In April 2014, it introduced a new logo and adopted the acronym FGB, which was already commonly used by stakeholders. The bank said the identity change reflected its Abu Dhabi and UAE heritage, Emirati development objectives, and ambitions for domestic and international growth. The legal entity continued to use the First Gulf Bank name in Arabic. Its sponsorship portfolio included Ferrari World Abu Dhabi, where it supported the Junior GT driving-school attraction, the Al Ain Sports & Cultural Club, and the FGB Arena at Zayed Sports City in Abu Dhabi. The arena hosted sports, music, conferences, and exhibitions. FGB recorded strong reported performance before the merger. Its 2014 shareholder equity was stated as AED 34.1 billion, while net profit was AED 5.66 billion, compared with AED 4.77 billion in 2013. The bank described 2014 as its fifteenth consecutive year of uninterrupted net-profit growth. Credit and financial-strength assessments cited in contemporary material included an A+ rating from Capital Intelligence, an AAA rating from RAM Ratings in 2013, and an affirmed A+ long-term rating from Fitch. Forbes Middle East ranked it eighth among the most powerful companies and fourth among banks in its 2014 Arab-world company list, and Banker Middle East recognized it as the UAE's Best Bank and Best Wealth Management Firm in 2014. The institution ceased to operate as an independent bank after shareholders approved a merger with National Bank of Abu Dhabi in December 2016. The transaction was structured as a share exchange under which FGB shareholders were to receive 1.254 NBAD shares for each FGB share. The combined bank became First Abu Dhabi Bank, creating the UAE's largest bank by assets. FGB's second-tier management arrangements were finalized by February 2017, completing the transition into the merged organization.

First Gulf Bank was established in Abu Dhabi in 1979 and developed into one of the leading banking institutions in the United Arab Emirates. Its business was centered on the UAE, where it maintained a branch network and served both corporate and individual customers. The bank's activities extended beyond conventional deposit-taking and lending: it provided wholesale and consumer banking, treasury and global-markets services, Islamic finance, wealth management, and bancassurance. As the institution expanded, it built an international network to support the needs of UAE-based companies, investors, and other cross-border clients. This network included a Singapore branch, which also hosted global wealth-management services, a Qatar branch, representative offices in London, India, Hong Kong, and Seoul, and a subsidiary in Libya. The bank's internationalization included both physical expansion and access to overseas funding markets. In 2014 it reported a new South Korean representative office, a London representative office, plans for a future Chinese office, a Singapore negotiable certificate of deposit program, an Australian-dollar five-year Kangaroo bond, approval for a Malaysian sukuk, and a debut yen bond in the Tokyo Pro-Bond Market. A significant organizational change occurred in 2013, when FGB divided its operations into three groups: Wholesale Banking, Consumer Banking, and Treasury & Global Markets. This structure separated the bank's institutional and corporate franchise from retail and consumer activities while giving treasury and capital-markets operations a distinct management focus. During the same period, FGB announced that it had acquired full ownership of Aseel Islamic Finance and Dubai First. Aseel added a Sharia-compliant finance platform, while Dubai First strengthened the consumer-finance side of the business. The bank reported a period of sustained profitability before its eventual combination with National Bank of Abu Dhabi. For 2014, it cited shareholder equity of AED 34.1 billion and net profit of AED 5.66 billion, up from AED 4.77 billion in 2013. It characterized 2014 as the fifteenth consecutive year of uninterrupted net-profit growth. Contemporary credit and industry recognition included an A+ financial-strength rating from Capital Intelligence, a 2013 AAA assessment from RAM Ratings, and an affirmed A+ long-term rating from Fitch. Forbes Middle East placed FGB among the leading companies and banks in its 2014 Arab-world ranking, while Banker Middle East named it the UAE's Best Bank and Best Wealth Management Firm. FGB also invested in brand development and community-facing sponsorships. In April 2014, it introduced a new visual identity and formally emphasized the FGB acronym. The bank presented the change as part of a long-term strategy tied to its Abu Dhabi origins, UAE identity, Emirati development, and wider growth objectives. It sponsored Ferrari World Abu Dhabi's Junior GT attraction, which formed part of a driving school focused on children's road-safety education, as well as the Al Ain Sports & Cultural Club. In 2014 it launched the FGB Arena at Zayed Sports City in Abu Dhabi, a venue used for sporting and cultural events, conferences, and exhibitions. The decisive event in FGB's history was its merger with National Bank of Abu Dhabi. The proposal was announced in June 2016 and approved by shareholders in December. The agreed consideration was a share exchange under which FGB shareholders would receive 1.254 NBAD shares for each FGB share. Management arrangements for the combined institution were completed at the second tier by February 2017. The merged bank adopted the name First Abu Dhabi Bank and became the largest bank by assets in the UAE. Consequently, First Gulf Bank is a defunct standalone banking brand, with its operations absorbed into First Abu Dhabi Bank.

1. 2017First Abu Dhabi Bank completes integration arrangements

   Second-tier management arrangements for the merged institution are finalized, and FGB ceases to exist as an independent bank.

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2. 2016Merger with National Bank of Abu Dhabi approved

   Shareholders approve the proposed share-swap merger with National Bank of Abu Dhabi.

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3. 2014FGB identity launched

   The bank unveils a new logo and adopts FGB as its principal English-facing corporate identity.

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4. 2014International platform expanded

   FGB adds or develops international offices and wealth-management and debt-funding activities across Asia-Pacific and other markets.

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5. 2013Business reorganized into three divisions

   FGB restructures around Wholesale Banking, Consumer Banking, and Treasury & Global Markets, while announcing full ownership of Aseel Islamic Finance and Dubai First.

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6. 1979First Gulf Bank is established

   First Gulf Bank is established in Abu Dhabi in the United Arab Emirates.

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A large Abu Dhabi-rooted universal bank combining corporate and wholesale banking, consumer finance, Islamic financial services, treasury and capital-markets capabilities, and selected international wealth-management operations.

• Wholesale BankingCorporate and institutional banking

  FGB's wholesale banking business served corporate, institutional, and other large-scale clients. It formed one of the three main divisions introduced in the 2013 restructuring and operated alongside consumer banking and treasury and global markets. The available source material identifies wholesale banking as a core part of the bank's UAE and international financial-services offering, but does not provide a detailed product catalogue.

• Consumer BankingRetail and consumer finance

  The consumer banking division provided services to individual customers in the UAE and included the bank's consumer-finance activities. FGB's ownership of Dubai First broadened this area of the business. The source material also places bancassurance and consumer-oriented financial services within the bank's overall offering.

• Treasury & Global MarketsTreasury and capital markets2013

  Treasury and Global Markets was one of FGB's three principal divisions after the 2013 reorganization. The division supported the bank's market activities and international funding program, which included negotiable certificates of deposit, bonds, and sukuk-related capital-markets initiatives.

• Aseel Islamic FinanceIslamic finance

  Aseel Islamic Finance was a Sharia-compliant finance company that FGB announced it had acquired full ownership of in 2013. Its inclusion in the group supported FGB's Islamic-finance proposition for businesses and consumers.

• Dubai FirstConsumer finance

  Dubai First was a consumer-finance firm that became fully owned by FGB according to the bank's 2013 announcement. It complemented FGB's consumer banking business and formed part of the institution's broader retail-finance platform.

• Global Wealth ManagementWealth management2014

  FGB offered global wealth-management services through its Singapore branch. The service formed part of the bank's international platform and was intended to complement its broader corporate, treasury, and cross-border banking activities.

• 2014FGB corporate identity rebrand

  United Arab Emirates · International markets

  FGB introduced a new logo and made the acronym FGB central to its English-language identity. The bank linked the rebrand to its Abu Dhabi and UAE heritage, Emirati development, and plans for further domestic and international growth.

  Outcome. The acronym became the bank's principal public-facing English identity, although the legal entity remained First Gulf Bank and the Arabic name was unchanged.

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• 2014Ferrari World Abu Dhabi Junior GT sponsorship

  United Arab Emirates

  FGB sponsored the Junior GT ride at Ferrari World Abu Dhabi, an attraction associated with a children's driving school emphasizing road safety, discipline, and basic driving rules.

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• 2014FGB Arena sponsorship and launch

  United Arab Emirates

  FGB launched the FGB Arena at Zayed Sports City in Abu Dhabi. The venue was associated with sports and music events, conferences, and exhibitions and could accommodate up to 6,000 spectators according to the reference material.

  Outcome. The arena became a branded venue for public and corporate events in Abu Dhabi.

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• 2016Merger with National Bank of Abu DhabiM&A

  FGB and National Bank of Abu Dhabi announced a plan to combine their banking operations and create a larger UAE banking institution.

  What changed. Shareholders approved a share-swap merger under which FGB shareholders would receive 1.254 NBAD shares for each FGB share.

  Aftermath. The combined bank was named First Abu Dhabi Bank and became the largest UAE bank by assets. FGB stopped operating as an independent bank.

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• 2014International expansion and funding-market developmentStrategy

  FGB aimed to strengthen its international reach and diversify access to funding and wealth-management markets.

  What changed. The bank expanded representative-office coverage, developed Singapore wealth-management services, and pursued international debt-market transactions, including a five-year Australian-dollar Kangaroo bond and a debut yen bond.

  Aftermath. The initiatives increased FGB's reported presence in Asia-Pacific and international capital markets.

  Australian-dollar Kangaroo bond. AUD 250 million (2014)

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• 2013Three-division operating structureStrategy

  FGB sought to organize its activities across wholesale banking, consumer banking, and treasury and global markets.

  What changed. The bank restructured its business into the Wholesale Banking Group, Consumer Banking Group, and Treasury & Global Markets Group.

  Aftermath. The structure became the stated framework for the bank's principal business activities before its later merger.

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• 2013Full ownership of Aseel Islamic Finance and Dubai FirstM&A

  FGB wanted to broaden its Islamic-finance and consumer-finance capabilities.

  What changed. The bank announced that it had acquired full ownership of Aseel Islamic Finance and Dubai First.

  Aftermath. The acquisitions expanded the businesses associated with FGB's Islamic and consumer-finance offerings.

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• 2016Shareholders approve First Gulf Bank and National Bank of Abu Dhabi merger

  Shareholders approved a share-swap merger with National Bank of Abu Dhabi. The resulting institution became First Abu Dhabi Bank.

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• 2014First Gulf Bank introduces FGB corporate identity

  The bank unveiled a new logo and adopted the FGB acronym as part of a corporate-identity program linked to its UAE and Abu Dhabi heritage and international growth strategy.

  CampaignOther
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• 2014FGB expands international presence and capital-markets activity

  FGB reported a new representative office in South Korea, expanded wealth-management services in Singapore, and several international debt-market initiatives, including Australian-dollar and yen bond transactions.

  Other
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• 2013First Gulf Bank reorganizes into three core business divisions

  The bank reorganized its business into Wholesale Banking, Consumer Banking, and Treasury & Global Markets, and announced full ownership of Aseel Islamic Finance and Dubai First.

  M&A
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1. First Gulf Bank