Falling oil prices are not expected to impact the consumer banking sector at First Gulf Bank (FGB), with the bank set to see continued growth, according to Girish Advani, head of personal banking and executive vice-president at FGB.

“As of now, we’re not seeing a slowdown in consumer lending. I think rather than slowdown, it’s more of people are becoming a lot more prudent in the way they would give out credit, and that’s a very good thing for the market at the end of the day,” Advani said.

Speaking to Gulf News by phone, he added that continued economic growth in the UAE meant that fluctuating prices were not causing much of an impact on the consumer side.

“We lend to various industries across the country, and because of diversification, our risk impacts are minimal … We’re pretty positive about our outlook. We don’t see any show-stoppers as such,” Advani said.

On Saturday, FGB announced a partnership with du, the Dubai-based telecommunications company, which will see the launch of a co-branded credit card whose holders will receive discounts on their du bills and other charges.

The card, which is the first phase in the partnership, is available in Titanium and Platinum MasterCard categories.

“We’ve been exploring some strategic partnerships, and over the next few months, you will see a few more partnerships coming in,” Advani said without disclosing further details.

FGB is already partners with other organisations like Manchester City, and Ferrari, with each having their own co-branded credit cards.

Source: Gulf News