Gargash Group, a UAE business conglomerate with interests in the automotive, real estate and investment sectors, announced on Sunday the acquisition of Deem Finance, a leading consumer finance company.
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 offering of financial services within the market and further enhance the group’s ability to realize its strategic growth. would accelerate. plan.
The value and other details of the acquisition were not disclosed in the announcement.
“We are excited to be part of Deem’s growth journey. This is a transformative transaction that will enable us to reshape financial services in a way that aligns the success of our brands with the financial success of our customers,” said Shehab M. Gargash, managing director & group CEO of Gargash Group, in a statement.
Headquartered in Abu Dhabi, Deem Finance is a leading financial services company in the UAE, providing credit cards, personal loans and wholesale deposit products to corporate clients in the UAE. Licensed by the UAE Central Bank, Deem Finance has attracted a broad customer base in the UAE market through its range of innovative cash-up and loyalty cards. Daman Investments is one of the leading regional players in the non-bank financial services industry, offering services such as asset management, stock brokerage and asset management, the statement said.
Daman Investments also has a tradition of providing the best investment management and advisory services to both local and regional clients. Through its core advisory services, Daman helps companies raise capital to strengthen and grow their businesses; advises on mergers, acquisitions and divestments; and underwrites equity and debt capital market transactions.
Ahmed Khizer Khan, the CEO of Daman Investments, said Deem Finance has built a strong product portfolio and has the technical foundation needed to launch innovative financial products and services that address the evolving needs of both individuals and businesses.