Buy-out completed by Gulf Merchant Bank

A buy-out of all GMB shares, which are held by Abu Dhabi Commercial Bank PJSC (ADCB), has been completed today by Gulf Merchant Bank Limited (GMB), previously known as Gulf Merchant Group Limited (GMG) - the investment banking and asset management firm which is regulated by the Dubai Financial Services Authority.

GMB and its management company, GMG Holdings Limited, conducted the buy-out.

Commenting on the transaction, Nabil Maaloul, who is the CEO of GMB, said: "The present state of the global economy, and the market situation we continue to experience, present GMB with a number of unique opportunities. This acquisition will increase GMB's ability to compete and benefit from these opportunities. Our healthy balance sheet and strong expertise mean we are well placed to push ahead with both our asset management and our investment banking businesses."

He further added: "Our long term strategy of serving regional businesses, particularly those that are family owned, and the international investors who wish to participate in those companies, remains the same. We remain close partners of ADCB and look forward to working together on future investments or transactions."