First Gulf Bank, the second-largest lender by market value in the UAE, said it has set up a new representative office in South Korea as part of plans to expand its presence in Asia Pacific. The bank, majority-owned by Abu Dhabi’s ruling family, said the new office in Seoul will strengthen the bank’s presence in the region, adding to its branch in Singapore and its representative office in Hong Kong. The Seoul office will work on supporting existing FGB clients’ operations which also have a presence in Korea, in addition to providing services to Korean investors and companies that are active in the UAE, GCC and across Asia, the bank said in a statement. In April, FGB posted a 27% jump in first-quarter net profit. It made a net profit of AED1.33 billion ($362.1 million) in the three months to 31 March, up from AED1.05 billion in the prior-year period.
