First Gulf Bank opens new branch of First Gulf Libyan Bank in Tripoli

First Gulf Bank (FGB) recently celebrated the opening of its newest branch of First Gulf Libyan Bank (FGLB) at the Rixos Hotel in Tripoli.

FGLB was established as part of a strategic partnership between FGB and the Libyan Government Economic and Social Development Fund (ESDF). FGLB has authorized capital of approximately $400m, which was put forward by both FGB and the ESDF equally. The paid up capital for the FGLB is $200m, which makes it one of the largest banks currently operating in Libya.

The opening ceremony was attended by Mr. Hamed El Houderi, General Manager of ESDF and Chairman of FGLB; Mr. Abdulhamid Saeed, the Managing Director and the Vice Chairman of FGLB; and Mr. Abdelrazek Elhoush, the General Manager of the FGLB.

Mr. Abdulhamid Saeed remarked at the opening, stating that, "This is a momentous occasion for First Gulf Bank. This new branch is in line with our greater strategy to expand our services and offerings geographically. With our new branch in Tripoli, we know that we will be able to positively impact upon the development of the Libyan Financial Market and the greater economy. We also are committed to providing a host of innovative financial services to our customers."

Commenting at the opening, Mr. Abdelrazek Elhoushsaid, "The branch which we have opened here at the Rixos hotel is the first branch which we have opened outside of the First Gulf Libyan Bank Headquarters in Tripoli."

He added, "This is just the beginning, we are actively looking at other locations where we can open branches in the city of Tripoli. Outside the capital we are looking to open branches in Benghazi and Misurata. In the near future, we hope that we will be able to provide a full banking service to our customers in Libya."

Source: Press Release