First Gulf Bank (FGB), the major leading UAE financial institution, has repaid its entire debt of AED 4.5 billion to the Ministry of Finance of the UAE on the back of its very strong financial position by end of 2012. Having registered strong liquidity, capital base, Tier 1 and Capital Adequacy ratios, the bank arranged for repayment to take place yesterday after having received the necessary approvals from the Ministry of Finance and the Central Bank.

Andre’ Sayegh, CEO of FGB said: “First Gulf Bank’s solid standing has enabled us to repay our loan almost four years ahead of time. We would like to thank the UAE Federal Government, the UAE Ministry of Finance and the UAE Central Bank for their continuous and strong support to the UAE economy and its banking sector over the past years. , This has definitely enabled the UAE banking sector to prosper during challenging times. The government’s timely and supportive decision allowed the UAE economy to maintain its growth at a time when the global economic scene was facing difficult times.”

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