Encouraged by investor behaviour which, prompted by worldwide low interest rates, has led investors to turn to the equity markets, the First Gulf Bank (FGB) has opened its new brokerage arm on the Abu Dhabi Securities Market (ADSM) floor to focus on the needs of high net-worth individuals.
First Gulf Bank chief executive, Abdulhamid Saeed, told the Gulf News service: 'The move was taken to provide wide-ranging services and contribute to the country's financial system including the stock market ... FGB anticipates a link-up of the GCC markets which would open up opportunities for a greater customer base and to cross-sell.'
Last month we reported on the link-up of the ADSM and the Dubai financial market. Reported to be in the final planning stages, the alliance is due to take place this year sooner rather later and is widely expected to bring numerous benefits to the two stock markets, plus market sentiment is set to improve.
According to Gulf News, analysts have forecast that 'investor confidence' in the region is on the increase. This is no doubt assisted by the sound financial condition of the majority of publicly traded companies in the UAE including FGB which paid a dividend of 7.5 per cent last year.
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