First Gulf Bank opens first international office in Singapore

The new Far East initiative is central to FGB's global expansion and revenue diversification strategies.

"Singapore's sound macroeconomic fundamentals, political stability, transparent judicial framework and high standards of financial sector regulation coupled with its geographic positioning will enable us to access the growth potential of the wider Asian market," said Andre Sayegh, CEO, First Gulf Bank.

"There are also many similarities between the UAE and Singapore. Both are supporters of free trade and are progressively restructuring and diversifying their economies. Both are also strengthening their service sectors, focusing on key areas such as tourism, education and financial services."

"Economically, the UAE and Singapore are growing strongly and steadily. According to the Monetary Authority of Singapore (MAS), average growth for Southeast Asia was nearly 6% last year with Singapore and Malaysia leading the way," added Sayegh.

"With both economies going from strength to strength, business between the two countries is likely to accelerate and FGB wants to ensure its part of this growth."

"FGB's success has been achieved through its commitment to expanding its service by offering and delivering world-class financial services and products, and developing new investment opportunities for its clients. We will remain committed to quality and innovation as we expand our horizons to this new market," added Sayegh.

The bank's Singapore office is part of a larger expansion strategy that will see representative offices in other major financial centres.