The First Gulf Bank (FGB) has introduced its first retail product, credit cards in association with MasterCard International. Its move toward retail banking is part of its long-term strategy to diversify business and generate incremental revenue.
FGB launched three credit cards - MasterCard Standard cards, MasterCard Gold cards and the Platinum MasterCard cards to meet the needs of different segments. The Platinum MasterCard card is by invitation only and for senior executives and business owners.
The MasterCard Gold and MasterCard Standard cards come with benefits including worldwide purchase protection, comprehensive credit shield and utility bill payment accessibility.
In 2001, FGB launched a new corporate identity and posted a net profit of 61.7 million Emirati dirhams ($16.7 million), a 23 percent increase compared with the previous year along with improving its credit rating. It is one of the most heavily traded shares on the United Arab Emirates (UAE) stock markets, with more than 28 million shares changing hands during 2001. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
