Abu Dhabi investment firm ADQ plans to set up a digital bank with an initial capital of AED2 billion ($545 million) after obtaining the legacy licence
Abu Dhabi investment firm ADQ plans to set up a digital bank with an initial capital of AED2 billion ($545 million) after obtaining the legacy licence of First Gulf Bank.
First Abu Dhabi Bank, formed with the merger of First Gulf Bank and National Bank of Abu Dhabi, said Tuesday its shareholders approved the transfer of the license to ADQ.
First Abu Dhabi Bank, the United Arab Emirates’ largest lender, will own 10 percent of the digital bank and will have preferential access to an additional 10 percent when it goes public.
ADQ is a holding company for some of the biggest assets in the UAE, including the Abu Dhabi Securities Exchange and Abu Dhabi Airports.
The company on Monday said it’ll partner with LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, by investing $1 billion to back the grocer’s expansion in Egypt.
Source : www.arabianbusiness.com
