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First Gulf Libyan Bank Commences Tripoli Operations

At a ceremony held in Tripoli on 5 November, First Gulf Bank (FGB), one of the UAE’s leading financial institutions and the Economic and Social Development Fund (ESDF) of Libya and, have officially inaugurated First Gulf Libyan Bank (FGLB) operations in Tripoli, Libya.


The inauguration was held under the patronage of the Libyan Prime Minister, Al Bughdadi Al Mahmoudi, and was attended Abdulhafeez Al.Zletni, the Deputy of GPCO Minister; Hamed Arabi El Houderi, General Manager of ESDF and Chairman of FGLB; Abdulhamid Saeed, Managing Director of FGB and Vice Chairman of FGLB; Ahmed Al Sayegh, FGB Board Member, and André Sayegh, CEO of FGB. This is in addition to government officials, VIPs, dignitaries and leading businessmen from across the region.


Equally owned by ESDF and FGB and fully managed by FGB, FGLB will initially offer a range of corporate products to businesses in Libya. FGLB will expand its range of products and services to address the emerging needs of the country.


Ahmed Al Sayegh, FGB board member said “The Libyan economy is seeing tremendous growth in all sectors and enjoying diversified sources of income. At First Gulf Bank, we are pleased to partner with the Economic and Social Development Fund of Libya and open First Gulf Libyan Bank. There are many similarities between Libya and the United Arab Emirates, as both countries have ongoing major development projects in various fields and sectors, and they both enjoy strong economy. We are pleased to be a part of Libya’s economic development which will benefit the business ties between the two countries.”


“FGB’s entry into Libya’s banking sector fits well with FGB’s strategic blueprint for our international expansion. This investment underscores our commitment to have a geographically diversified presence, participating in emerging economies with high growth momentum. Our first North African joint venture brings banking expertise, world-class products and services, risk management capabilities, FGB’s unique culture and state of the art technology,” said Abdulhamid Saeed, Managing Director FGB and Vice Chairman FGLB.


“The establishment of FGLB comes at a time of great opportunity as the Libyan market is opening up to inward investment. It represents a major step forward in Libya’s financial industry. It also enables the development and promotion of trade and economy between Libya, the UAE, as well as other GCC countries and the world at large. This will pave the way for the formation of more partnerships between both our nations,” said Hamed ArabiEl Houderi, General Manager of ESDF and Chairman of FGLB.


FGLB has seven board members with Hamed Arabi El Houderi as Chairman and Abdulhamid Saeed as the Vice Chairman. The other board members are:

Abdul Razzaq Mohammed Al Housh
André Sayegh
Karim Karoui
Dr. Ibrahim Ahmed Belkhair
Nadeem Siddiqui
Salem Bessaoud is the General Manager of FGLB. He is a seasoned banker with more than 20 years of banking experience. Prior to joining FGLB he held the position of Assistant General Manager of Tunis International Bank (member of Kuwaiti Group Kipco), where he had oversight responsibilities for TIB Representative Office in Tripoli, Libya. Prior to that, he was Assistant General Manager (Credit and Risk) for Algeria Gulf Bank (AGB) in Algiers, where he had responsibilities to build and grow the franchise following the receipt of AGB banking license in 2003. He also held senior management positions in several leading financial institutions, including Arab Banking Corporation and Citibank.


“The strong economic growth and the financial sector reform have led to increased attractiveness of the Libyan market to regional and international investors. The strategic partnership with ESDF combined with FGB’s banking expertise in corporate products, risk management and information technology will build FGLB into a leading financial institution in Libya.” said Salem Bessaoud, GM of FGLB.


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