| Companies marked new agreement with signing ceremony at SIBOS
Dubai, United Arab Emirates - Thursday, November 19th 2015 [ME NewsWire]
(BUSINESS WIRE)-- First Gulf Bank (FGB), one of the leading banks in the United Arab Emirates, has selected Wells Fargo & Company as their primary USD Treasury clearer. This new agreement, which was recently announced at SIBOS, expands FGB’s longstanding payments and cash management relationship with Wells Fargo.
FGB provides a full range of financial products and services through its Wholesale & International, Consumer and Treasury & Global Markets businesses.
“We are glad to expand the cooperation between our two institutions,” said Christopher Wilmot, head of FGB Treasury & Global Markets Group. “We greatly value Wells Fargo’s continued commitment to growing the relationship and helping us to improve the service for our customers through their network support.”
“As one of the largest providers of liquidity to the U.S. payment systems, our processes have been designed to facilitate efficient settlement of high value treasury transactions,” said George Doolittle, head of Global Payments for Wells Fargo. “We are excited to provide additional services to FGB and we look forward to further expanding our relationship.”
Wells Fargo’s International Group operates from 35 countries, including branches in the Cayman Islands, Dubai International Financial Center (DIFC), Hong Kong, London, Seoul, Shanghai, Singapore, Taipei, Tokyo, and Toronto.
About Wells Fargo & Company
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
About FGB
As a major leading Bank in the UAE, FGB had Shareholder Equity of AED 33.0 Billion as of June 30th, 2015 making it one of the largest equity based Banks in the UAE. Established in 1979 and headquartered in Abu Dhabi, UAE, the Bank offers a full range of financial services to business and consumer sectors throughout an extensive network of branches across the UAE. Internationally, FGB has branches in Singapore and Qatar, representative offices in India, Hong Kong, Seoul and London and a subsidiary in Libya. FGB is recognized as a world-class organization committed to maximizing value for shareholders, customers and employees as it focuses on delivering banking products and services that meet client needs and support the UAE’s dynamic economy. In line with its commitment to excellence the Bank continues to invest significantly in people and technology to provide superior service standards.
Contacts
Wells Fargo & Company
Media:
Kathryn Ellis, +1-415-222-3767
Kathryn.d.ellis@wellsfargo.com
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