03 September 2007
ABU DHABI COMMERCIAL BANK ACQUIRES STRATEGIC STAKE IN GULF MERCHANT GROUP
Dubai, September 3, 2007: Abu Dhabi Commercial Bank (ADCB), the leading UAE based bank, announced today that it has acquired a strategic stake in Gulf Merchant Group Limited (GMG), the Dubai based investment banking and asset management firm.
ADCB has invested USD 51 million in GMG representing a 41% interest in the company, making the bank the biggest shareholder in GMG.
The deal effectively forms a strategic alliance between the two institutions, GMG and ADCB plan to develop their relationship further and will look to identify joint investment opportunities in financial services across a number of markets outside UAE.
Mr. Ervin Knox, CEO OF ADCB, stated:
“Abu Dhabi Commercial Bank has very successfully become a leading player in the region’s retail and corporate banking sector. This strategic investment in Gulf Merchant Group will bring a number of clear benefits to our customers by bringing them a new set of products. With Gulf Merchant Group we plan to explore business opportunities in new growing markets in the GCC and beyond. We look forward to working closely with Gulf Merchant Group to bring those exciting new opportunities to our customers.”
Commenting on the partnership, Nabil Maaloul, CEO of GMG said:
“I am delighted to announce this strategic alliance between Gulf Merchant Group and Abu Dhabi Commercial Bank, one of the region’s most successful banks. We established Gulf Merchant Group to become the leading provider of comprehensive investment banking services, with a particular focus on serving the financial needs of family businesses in the GCC region and international clients looking to grow their businesses into the region. This alliance will help us achieve that strategic goal. It will enhance our business through increased deal flow and broader distribution channels, and will help us to successfully grow our business into key markets in the GCC and beyond to the benefit of our shareholders and customers.”
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