Abu Dhabi’s ADQ reveals $545m plan for digital bank

  • Date: 20-Oct-2020
  • Source: Arabian Business
  • Sector:Financial Markets
  • Country:UAE
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Abu Dhabi’s ADQ reveals $545m plan for digital bank

First Abu Dhabi Bank says its shareholders approved the transfer of the First Gulf Bank licence to ADQ

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.

National Bank of Bahrain CEO Jean Christophe Durand said that traditional banking branches will have little room to expand in the aftermath of the pandemic

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