FGB Sets Up $1 Billion Singapore Program to Fund Asian Expansion

16/04/2014 08:24 AST

First Gulf Bank PJSC (FGB), the United Arab Emirates’ third-biggest lender, said its Singapore branch set up a negotiable certificates of deposit program for as much as $1 billion to expand in Asia Pacific.

The certificates, instruments used by banks to raise money for short periods, may be issued in multiple currencies and will allow FGB to “reach out to a wider range of institutional investors,” the bank said in a statement distributed by PR Newswire today.

The Singapore branch is playing an important role in FGB’s plans to expand internationally and benefit from growing trade between Asia and the Middle East, according to today’s statement. The lender, which is controlled by Abu Dhabi’s ruling Al Nayhan family, plans to raise the contribution of profit from its international business to double digits by 2017 from 5 percent in 2012, Chief Executive Officer Andre Sayegh said last year.

The certificates of deposit program was arranged by FGB’s Singapore branch and Standard Chartered Plc, the lender said. Dealers are ANZ Bank Ltd., BNP Paribas SA, Commerzbank AG, DBS Bank Ltd., Nomura Holdings Inc. and WestPac Banking Corp., according to the statement. FGB last month raised A$250 million from the sale of five-year Kangaroo bonds.


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