The Gargash Group, a conglomerate of United Arab Emirates companies with an interest in automobiles, real estate and investments, announced on Sunday the acquisition of Deem Finance, a leading consumer finance company.
The Gargash Group, which has had a strong presence in the non-bank financial services industry for 23 years through Daman Investments, said the acquisition would deepen and expand its financial services offerings in the market and further accelerate the group’s ability to achieve its strategic growth plans. .
The value and other details of the acquisition were not disclosed in the announcement.
âWe are thrilled to be a part of Deem’s growth journey. This is a transformational transaction that will allow us to reinvent financial services so that the success of our brands is aligned with the financial success of our clients, âsaid Shehab M. Gargash, Managing Director and CEO of Gargash group, in a statement. declaration.
Deem Finance, headquartered in Abu Dhabi, is a leading financial services institution in the United Arab Emirates, providing credit cards, personal loans and wholesale deposit products to corporate clients in the United Arab Emirates. Authorized by the Central Bank of the United Arab Emirates, Deem Finance has attracted a large clientele in the United Arab Emirates market thanks to its range of innovative payment and loyalty cards. Daman Investments is one of the main regional players in the non-bank financial services industry and offers services such as asset management, securities brokerage as well as wealth management, the statement said.
Daman Investments is also used to providing the best investment management and advisory services to local and regional clients. Through its core advisory services, Daman helps companies raise capital to strengthen and grow their businesses; provides advice on mergers, acquisitions and divestitures; and underwrites transactions in the equity and debt markets.
Ahmed Khizer Khan, CEO of Daman Investments, said Deem Finance has built a strong product portfolio and has the technological foundation to launch innovative financial products and services that meet the changing needs of individuals and businesses.