What does FGB mean in Banking?

First Gulf Bank

FGB (formerly known as First Gulf Bank) was the third largest bank by assets in the United Arab Emirates (UAE), until it merged with the National Bank of Abu Dhabi in December 2016 to form to form First Abu Dhabi Bank, creating the largest bank by assets in the UAE. Established in 1979, FGB is headquartered in the Emirate of Abu Dhabi. FGB offers a wide range of financial services in the wholesale, consumer and treasury banking sectors, including Islamic banking and bancassurance solutions for businesses and consumers via a network of branches across the UAE. Internationally, FGB has a branch in Singapore - that includes global wealth management services and a branch in Qatar, representative offices in London, India, Hong Kong and Seoul, South Korea, and a subsidiary in Libya. In 2013, the bank restructured its business into three divisions: the Wholesale Banking Group, the Consumer Banking Group and the Treasury & Global Markets Group. In the same year, FGB also announced that it had acquired full ownership of Shariah-compliant finance company Aseel Islamic Finance and consumer finance firm Dubai First.In December 2016, shareholders approved the bank's plans to merge with the National Bank of Abu Dhabi (NBAD) and both banks finalized the second-tier management by February 2017. The plan to merge the banks, which was first announced in June 2016, will be executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they hold. The merged entity is now known as First Abu Dhabi Bank.

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