Gargash Group has announced the acquisition of Deem Finance, a digitally-led consumer finance business in the UAE.
The acquisition will deepen and expand Gargash Group’s financial services offerings within the market and will further accelerate the group’s ability to meet its strategic growth plans, the company said in a statement.
Gargash Group has a strong presence in the non-banking financial services sector for 23 years through Daman Investments which helps companies raise capital to strengthen and grow their businesses, provides advice on mergers, acquisitions and disposals and underwrites equity and debt capital market transactions.
Deem Finance offers credit cards, personal loans and wholesale deposit products to UAE corporate clients. Licensed by the UAE Central Bank, it has attracted a broad customer base in the UAE market through its range of innovative cash up and loyalty driven cards.
Shehab M Gargash, managing director and group CEO of Gargash Group, said: “We are excited to be part of Deem’s growth journey. This is a transformational transaction that will allow us to reimagine financial services in a way that the success of our brands is aligned with the financial success of our customers.”
Ahmed Khizer Khan, CEO of Daman Investments, added: “Deem Finance has built a strong product portfolio and has the technological foundation required to launch innovative financial products and services catering to the evolving needs of both individual & corporate customers.”
Terms of the acquisition of Deem Finance were not disclosed in the announcement.
Gargash has introduced leading global automotive brands into the UAE such as Mercedes-Benz and Alfa Romeo, in addition to presenting an industrial line of lubricants, construction equipment and power systems.
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