People Moves

First Gulf Bank To Launch Four Southeast Asia Branches

Tara Loader Wilkinson Asia Editor 6 September 2011

First Gulf Bank To Launch Four Southeast Asia Branches

Abu-Dhabi-based First Gulf Bank is setting up a quartet of Southeast Asia offices in a bid to tap the fast-growing region, according to Zawya Dow Jones.

FGB is applying for licences in Indonesia's capital Jakarta, South Korea's Seoul, and Beijing and Hong Kong in China, Mustaza Bin Qasim, chief executive officer of the bank's Singapore branch and responsible for the Asia-Pacific region, told Zawya Dow Jones in a recent interview.

"[At the] beginning of this year we decided... we want to stick it out in Asia and towards that end we are setting up four representative offices," Bin Qasim told the publication.

Abu Dhabi-listed FGB is focusing on trade and commodities financing in industries such as coal and oil, while seeking a bigger presence in markets with strong economic growth stories like Indonesia and China, he said.

FGB set up its Singapore representative branch in 2007 and upgraded it to a wholesale banking office in 2009.

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