First Gulf Bank, the second largest lender by market capitalisation in the United Arab Emirates, plans to make a benchmark foreign currency bond issue in the next 12 months, chief executive Andre Sayegh said on Monday.
"There will be a bond issuance in the coming 12 months. It is for balance sheet management," Sayegh told reporters.
He also said the bank expected to post double-digit loan growth in the next 12 months. "Loan growth is picking up and some major projects are coming up."
Sayegh said FGB aimed to open a representative office in China in the coming 12 months. The office is expected eventually to be upgraded to a branch, he added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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