Abu Dhabi’s ADQ to Form Digital Bank With $545 M Capital

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Abu Dhabi’s ADQ plans to set up a digital bank with an initial capital of $545 M.

Abu Dhabi, UAE-based 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, and will own 10% of the digital bank. The bank also will have preferential access to an additional 10% when it goes public.

Established in Abu Dhabi in 2018, ADQ is one of the region’s largest holding companies with direct and indirect investments in more than 90 companies. That’s why Abu Dhabi’s ADQ is a holding company for some of the biggest assets in the UAE, including the Abu Dhabi Securities Exchange. Therewithal, ADQ is a strategic partner of the Government. Its portfolio of major enterprises spans key sectors across Abu Dhabi’s economy, including food and agriculture, aviation, financial services, healthcare, industries, logistics, media, real estate, tourism and hospitality, transport and utilities.

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