Bank Employees News: First Gulf Bank

Friday, 13 January 2017

Islamic Development Bank to open first Indian branch in Gujarat

Islamic Development Bank to open first Indian branch in Gujarat

Gandhinagar, Jan 11 : India will soon have Islamic banking facilities with the Saudi Arabia-based Islamic Development Bank (IDB) set to start its India operations from Gujarat, the Gulf kingdom’s envoy in New Delhi said on Wednesday.

“I would like to point to a very important development in our cooperation with the state of Gujarat, and that is Jeddah-based Islamic Development Bank (IDB) is set to start its India operations from Gujarat,” Saudi Ambassador to India Saud Al Sati said at the Vibrant Gujarat Global Summit here.

During Prime Minister Narendra Modi’s visit to UAE in April last year, the Indian Exim Bank had signed a memorandum of understanding with IDB for a $100 million line of credit to facilitate exports to IDB’s member countries.

“The IDB also signed a $55 million agreement with the Rashtriya Institute of Skill and Education to invest in medical care in some areas in Gujarat, including Chhota Udaipur, Narmad and Bharuch,” the Ambassador said.

The state will also get 30 medical vans as part of IDB’s social sector initiatives, he added.

IDB’s main objective is to foster the economic development and social progress of member countries, as well as of the Muslim community, in accordance with principles of Shariah — Islamic law. The bank has 56 Islamic countries as its members.—IANS

Source:MuslimMirror

AppiyaViswa 0

Wednesday, 25 November 2015

HSBC BANK 09:40

UAE's First Gulf Bank cut close to 100 jobs last week - sources

UAE's First Gulf Bank cut close to 100 jobs last week - sources

Nov 23 First Gulf Bank (FGB), the third-largest lender by assets in the United Arab Emirates, has cut close to 100 jobs, three sources aware of the matter said on Monday, in the latest sign of Gulf banks adjusting to deteriorating market conditions.

Economic growth in the Gulf region has been stalling due to lower oil prices and subsequent cuts in state spending, which is being felt in the local banking system including through squeezed liquidity from reduced deposits and increasing default rates among small and medium-sized businesses.

"First Gulf Bank released a number of staff as a result of efficiency measures that have streamlined and reduced roles across the operation," the company said in a statement, confirming what Reuters heard from several sources.

It did not give details on the number of job cuts, but said: "This is in line with FGB's robust approach to cost and resources management which remains a key driver of FGB's successful financial performance."

Controlled by Abu Dhabi's ruling family, FGB has over 2,500 employees. It posted a worse-than-expected 0.4 percent drop in third-quarter net profit after loan income fell slightly.

FGB has cut jobs from departments including corporate and investment banking, the sources said on condition of anonymity as the details have not been made public.

It is not the only bank to be implementing staffing cuts to cope with economic conditions.

HSBC has cut jobs in its retail and commercial banking units in the UAE, a source told Reuters on Monday, as the bank prepares for lower growth next year and implements a global cost-cutting strategy aimed at boosting dividends. (Additional reporting by Hadeel Al Sayegh and Tom Arnold; Editing by David French and Mark Potter)

Source:Reuters

AppiyaViswa 0