FGB's First Wealth steps up NRI offering with Kotak tie up

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 Dhs9bn 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'. 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 Dhs1.5bn, 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.

About Kotak Mahindra Group:
Established in 1985, the Kotak Mahindra Group is one of India's most reputed financial conglomerates. In February 2003, Kotak Mahindra Finance Limited, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI). This approval created banking history with Kotak Mahindra Finance Limited becoming the first company in India to convert to a bank.

The group now has a net worth of over Rs.52,300m/$1.3bn, employs around 15,300 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across 340 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The Group services around 3.2 million customer accounts.

Kotak Securities is the stock broking arm of Kotak Mahindra Group. With a market share of approximately 8.5%** of daily volumes, it is India's leading stock broking house. Kotak Securities processes over two lakh secondary market trades everyday and manages a huge equity asset pool of over Rs.2,299 crores.

All figures as of sep 07.

**Market share calculated on combined reported daily volumes (Equity & F&O) of BSE and NSE.

For further information please contact:

Maha Yassine,
Head of Corporate Communications,
First Gulf Bank
Tel: 00971 2 6920101