First Gulf Bank board convenes to review 2006 results

The Board will discuss the bank's audited results for 2006 with its auditors, Ernst & Young as well as the recommended distribution of shareholder dividends, which will be put to the forthcoming AGM.

First Gulf Bank's yearly results for 2006 are expected to reach a record high following a stellar performance in the first nine months - with net profits of AED 1.141 billion exceeding those of the whole of 2005.

First Gulf Bank is one of the UAE's fastest-growing financial institutions and recently inaugurated three new branches - in Abu Dhabi's industrial area of Mussafah, Bank Street in Dubai and in Manar Mall in Ras Al Khaimah.

The banks is also looking to expand its presence overseas and is planning to open a representative office in Singapore during the first quarter of this year following the recent approval of both the UAE Central Bank and the Singaporean authorities. A representative office in London is also on the agenda for later this year as the bank expands its international footprint.

First Gulf Bank recently signed an agreement with the Department of Finance of the Abu Dhabi Government to finance homes for UAE nationals in a move which underlines the bank's commitment to expanding its client service offering.