First Gulf Bank, the UAE’s third-biggest lender, said its Singapore branch set up a negotiable certificates of deposit programme for as much as $1bn to expand in Asia Pacific. The certificates, instruments used by banks to raise money for short periods, may be issued in multiple currencies and will allow FGB to “reach out to a wider range of institutional investors,” the bank said, according to Bloomberg. The Singapore branch is playing an important role in FGB’s plans to expand internationally and benefit from growing trade between Asia and the Middle East, according to the statement.
