NORTON ROSE FULBRIGHT ADVISES FIRST GULF BANK

Norton Rose Fulbright Abu Dhabi corporate team has advised First Gulf Bank PJSC (FGB) on an AED601 million (US$164 million) acquisition of the entire issued share capital of Dubai First PJSC (Dubai First). The sale was structured as an auction process with 22 initial contesting bidders. The final four bidders included major UAE and international banks. 

This is the first major acquisition for FGB. Dubai First is a leading consumer finance company specialising in liability and credit card products and the acquisition will enhance FGB’s retail capabilities and client base. 

David Baylis, Head of the Abu Dhabi office, Norton Rose Fulbright, commented,“We are delighted to have advised on this successful bid and FGB's first acquisition. This landmark transaction truly reflects FGB's commitment to strengthening its financial product capabilities and expanding its network in the industry.” 

The team was led by David Baylis, assisted by Abu Dhabi-based partner Dino