First Gulf Bank bullish

First Gulf Bank expects double-digit loan growth during the year ahead as it plans office openings in South Korea and China and seeks new business from the Middle East's growing oil trade with Asia.

The Abu Dhabi-based lender expects to increase the bank's balance sheet during the year ahead with a focus on Asian markets, said Karim Karoui, its chief financial officer. "We're planning to continue organic growth. The best guidance would be 10 per cent."

The bank grew its loan book last year through providing funding for Abu Dhabi Government entities, retail lending and small enterprises. The bank's international loan book is expecting to grow at the fastest rate, currently accounting for 6 per cent of FGB's total.

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