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Reuters
Abu Dhabi – Acquisition to deepen and expand service offerings within the market
Gargash Group, an Emirati business conglomerate interested in automobiles, real estate and investments, announced on Sunday the acquisition of leading consumer finance business Deem Finance.
Gargash Group, which has a strong 23-year presence in non-banking financial services through Daman Investments, said the acquisition will deepen and expand its financial services offering in the market and will further accelerate the group’s ability to deliver on its strategic growth plans .
The announcement did not disclose the value and other details of the acquisition.
“We are excited to be part of Deem’s growth journey. This is a transformational transaction that will allow us to reimagine financial services, aligning the success of our brands with the financial success of our clients,” Gargash Group Managing Director and Group CEO Shehab M. Gargash said in a statement.
Headquartered in Abu Dhabi, Deem Finance is the UAE’s leading financial services institution, offering credit cards, personal loans and wholesale deposit products to UAE corporate clients. Licensed by the Central Bank of the UAE, Deem Finance has attracted a wide customer base in the UAE market with its range of innovative cash top-up and loyalty-driven cards. Dammam Investments is one of the leading regional players in non-banking financial services, offering services including asset management, securities brokerage and wealth management, the statement said.
Daman Investments also provides first-class investment management and advisory services to local and regional clients. Through its core advisory services, Dammam helps companies raise capital to strengthen and grow their businesses; advise on mergers, acquisitions and dispositions; and underwrite equity and debt capital market transactions.
Ahmed Khizer Khan, CEO of Daman Investments, said Deem Finance has built a strong product portfolio and has the technological foundation needed to launch innovative financial products and services to meet the changing needs of individuals and businesses.
-customers.issacjohn@khaleejtimes.com
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