"First Gulf Bank (FGB), UAE's second largest bank by market capitalisation, has acquired a consumer financial services firm from debt-laden investment firm Dubai Group for 601 million dirhams ($163.6 million), it said on Sunday.
The acqusiition of Dubai First, which specialises in liability and credit card products, helps FGB expand its customer base in the United Arab Emirates, the lender said in a statement.
The sale is part of Dubai Group's efforts to address its debt as it restructures $10 billion of laibilities with creditors, Fadel al-Ali, the firm's chief executive said in the statement.
A unit of Dubai Holding, the investment arm of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, Dubai Group has a portfolio of mainly financial services assets bought during the boom years of the mid-2000s, but which have plunged in value since the 2008 global financial crisis."
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