First Gulf Bank (FGB), one of the leading banks in the UAE, has concluded the creation of a Negotiable Certificate of Deposit (NCD) programme, delivered by its Singapore Branch, serving as its Asia Pacific (APAC) hub.
The NCD programme, with a nominal value up to USD1 billion in multi currency denomination, will provide FGB Singapore Branch access to raise funds across a diversified base when required. This will also enable FGB to reach out to a wider range of institutional investors and allow the Bank to build on its market profile and franchise value in APAC, in line with its increased focus on this region.
The NCD was jointly arranged by FGB Singapore Branch and Standard Chartered Bank, with programme dealers being FGB Singapore Branch, Standard Chartered, ANZ Bank, BNP Paribas, Commerzbank, DBS Bank, Nomura and WestPac.
Commenting on the programme, Andre Sayegh, FGB’s CEO, said: “The Singapore Branch is playing an important role in FGB’s plans to expand further internationally and take advantage of the increasing trade and investment flows between Asia and the Middle East. FGB Singapore Branch acts as a hub for all of the Bank’s Asia-Pacific activities, with the Hong Kong Representative Office reporting to the Singapore Branch, and complements FBG’s presence in Libya, Qatar and India.”
“It is playing a key role in our ongoing growth strategy and is vital to our expansion into APAC, whilst being testament to our continued commitment to enhance our product and service offerings, and develop new, successful partnerships for the good of our customers and shareholders.”