The move to expand its consumer banking group services in Asia comes after a rebrand of the business last month when it was decided to use the acronym FGB for marketing purposes in place of the company name First Gulf Bank.
The Global Wealth Management Service will be made available at its existing Singapore branch which it said would give wealth management customers access to a wider portfolio of global investment products and will allow the bank to provide “access to all major assets and geographies in the region”.
Support will also be given with estate and inheritance planning requirements through third party trust formation and company incorporation service providers.
FGB CEO Andre Sayegh said FGB’s strategy for this year is to continue to grow its products across businesses and markets to provide customers with well-rounded, comprehensive financial service.
“Singapore is an undeniable important location for investments. It also possesses the advantage of providing well defined succession and banking secrecy laws,” he said.
The FGB Wealth business currently provides access to over 1,500 wealth management products and funds covering areas including equities, bonds, hedge strategies, real estate, private equity, term insurance and savings plans.
Established in 1979, FGB had shareholder equity of AED 29.6bn as of March 31 this year, with a network of branches across the UAE, branches in Singapore and Qatar, representative offices in India and Hong Kong and a subsidiary in Libya.
In October 2013, FGB purchased shariah product specialist Aseel Islamic Finance.
