Abu Dhabi investment firm ADQ plans to set up a digital bank with an initial capital of 2 billion dirhams ($545 million) after obtaining the legacy license 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% of the digital bank and will have preferential access to an additional 10% 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.
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