First Gulf Bank signs MoU with the Economic& Social Development Fund of Libya

Notes and media contacts

About First Gulf Bank:
First Gulf Bank (FGB) is one of the largest equity based banks in the UAE with shareholders equity at AED 9 billion at end 2006. Headquartered in Abu Dhabi, FGB was established in 1979. FGB provides financial services across the UAE with a wide distribution network of branches in different business and industrial areas. The bank offers a variety of financial services in Corporate Banking, Treasury and Investment, and Retail Banking Services. The bank focuses on providing financial services and solutions to different target groups in the market like Private and Public institutions and retail customers.

With a philosophy of making a difference in every sector it serves, FGB provides and optimises value to its shareholders, customers, and employees. The bank's core purpose is to be a world class organisation maximising value for all stake-holders. The belief in innovation, quality, customer service, team spirit, & integrity has led the bank to tremendously expand its business operations over the last three years and thereby increase its profit returns and shareholders' earnings.

Fitch Ratings has affirmed the banks's ratings at Issuer Default 'A' with stable outlook, short-term 'F1', individual 'C' and support '1'. Moody's Investors Service has assigned FGB A2/Prime-1local- and foreign-currency deposit ratings and a D+ financial strength rating. The individual ratings reflect FGB's sound capitalisation, growing franchise and good profitability and liquidity. FGB's results for 2006 showed an improved performance with reported net income of AED1.5billion, equating to an average return on equity of 18.3%. The bank benefits from increased opportunities in the UAE to grow its loan book and fee income.

For further information please contact:
Maha Yassine, Head of Corporate Communications, First Gulf Bank
Tel: 00971 2 6920101