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Gargash acquires Deem Finance to expand financial services

Gargash acquires Deem Finance to expand financial services
Deem Finance is licensed by the CBUAE

UAE - Mubasher: Gargash Group has acquired Deem Finance, a UAE-based consumer finance business, to expand its financial services offerings in the market and accelerate its growth plans.

Licensed by the Central Bank of the UAE (CBUAE), Deem Finance provides the UAE corporate clients with credit cards, personal loans, and wholesale deposit products, according to a press release on Sunday.

Through Daman Investments that offers services including asset management, securities brokerage, and wealth management, Gargash Group has offered non-banking financial services for 23 years.

The Managing Director and Group CEO of Gargash Group, Shehab M. Gargash, said: "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."

Meanwhile, the CEO of Daman Investments, Ahmed Khizer Khan, commented: "Deem Finance has built a strong product portfolio and has the technological foundation required to launch innovative financial products and services catering to the evolving needs of both individual & corporate customers."