Gargash Group, a UAE business conglomerate with an interest in automotive, real estate, and investments, on Sunday, announced the acquisition of Deem Finance, a leading consumer finance business.
Gargash Group, which has had a strong presence in the non-banking financial services sector for 23 years through Daman Investments, said the acquisition would deepen and expand its financial services offerings within the market and would further accelerate the group’s ability to meet its strategic growth plans.
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 transformational transaction that will allow us to reimagine financial services in a way that the success of our brands is aligned with the financial success of our customers,” Shehab M. Gargash, managing director & group CEO of Gargash Group, said in a statement.
Deem Finance, headquartered in Abu Dhabi, is a leading financial services institution in the UAE, offering credit cards, personal loans and wholesale deposit products to UAE corporate clients. 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 driven cards. Daman Investments is one of the leading regional players in the non-banking financial services sector and offers services including asset management, securities brokerage as well as wealth management, said the statement.
Daman Investments also has a legacy of providing best-in-class 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; provides advice on mergers, acquisitions and disposals; 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 required to launch innovative financial products and services catering to the evolving needs of both individuals and corporate.