Formation of a Digital Bank is all in pursuit with the net fund capital worth $545 Million by aid of Abu Dhabi based Investment Firm

Post obtaining legacy licence from First Gulf Bank, Abu Dhabi backed investment major ADQ is in pursuit of launching up of an all exclusive digitalized bank with an overall total of Dhs2 Billion ($545 Million).

The banking major FAB (First Abu Dhabi Bank) that was formed in alliance with First Gulf Bank as well as National Bank of Abu Dhabi, stated on Tuesday, that their shareholders have approved transfer of licence to ADQ. One amongst the UAEs biggest lender, First Abu Dhabi Bank, in future are owners of 10 percent of the digitalized bank, as well as it will also possess preferential access for an additional 10 percent when it will be thrown open to public.

The ADQ is the holding firm for few of the biggest UAE based assets that includes Abu Dhabi Securities Exchange as well as Abu Dhabi Airports. The firm further stated on Monday that “they will be partnering alongside Lulu Group International, that acts as one amongst the Middle East territories biggest hypermarket system, wherein it has invested $1Billion for supporting up #grocer’s extension within the Egypt.

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