FGB launches $1bn programme to fund Asia expansion

April 21, 2014 12:44 am

The UAE’s third-biggest lender, First Gulf Bank (FGB) has said its Singapore branch has set up a negotiable certificates of deposit programme for as much as $1bn to expand in Asia Pacific, Bloomberg has reported. The certificates, instruments used by banks to raise money for short periods, may be issued in multiple currencies and will allow FGB to “reach out to a wider range of institutional investors,” the bank said. The Singapore branch is playing an important role in FGB’s plans to expand internationally and benefit from growing trade between Asia and the Middle East, FGB said.