The General Assembly of First Abu Dhabi Bank agrees to transfer...

First Abu Dhabi Bank, the largest bank in the United Arab Emirates and one of the largest and safest financial institutions in the world, announced the approval of its shareholders to transfer the ownership of the banking license of First Gulf Bank “previously” to “Holding” (ADQ), one of the largest holding companies in the region and which It owns a wide portfolio of major companies operating in key sectors within the diversified economy of the Emirate of Abu Dhabi, in order to enable the Holding Company (ADQ) to establish its new digital bank. This approval comes after the General Assembly meeting held today at First Abu Dhabi Bank’s headquarters.

This step is part of the vision that brings together the two institutions, which are based in the Emirate of Abu Dhabi, with the aim of supporting the ambitions of the UAE government for digital transformation in the long term. This license transfer deal supports First Abu Dhabi Bank’s digital transformation strategy, which contributes to creating new business models that result in opportunities to enhance innovation, benefit from recent developments in the world of technology and data, and employ them to provide safer and easier financial services.

Under this agreement, First Abu Dhabi Bank will transfer the ownership of the previous First Gulf Bank banking license to the “Holding Company” (ADQ), in exchange for a 10% share of the new bank’s capital, with an additional 10% of the shares in the event it is offered for subscription. Future year. It is decided that the “holding” (ADQ) will establish the new digital bank with an initial capital of about 2 billion dirhams.

Commenting on this, André Al Sayegh, Chief Executive Officer of First Abu Dhabi Bank Group, said: “We would like to thank our shareholders for agreeing to transfer the ownership of the previous FGB banking license to the“ Holding ”(ADQ). (ADQ) will provide an excellent investment opportunity for us and our shareholders, as the United Arab Emirates has a leading position in terms of innovation in the financial services sector, which is evident in the market performance and its embrace of a wide base of qualified talent and advanced infrastructures. The addition of an integrated digital bank will represent a quantum leap at the state level, supporting our vision aimed at achieving the best possible value for shareholders, as well as supporting Abu Dhabi’s vision towards digital transformation. This deal also represents a distinct stage in the digital development strategy pursued by the bank. Abu Dhabi is the first to take advantage of promising development opportunities in this field.

On his part, HE Mohamed Hassan Al Suwaidi, CEO of ADQ said: “We have worked at ADQ to identify the opportunity to establish an independent digital bank that strengthens the digital economy in Abu Dhabi and supports our portfolio in the field of financial services. As the world is witnessing an accelerating digital transformation this year, it is not surprising that the demand for digital banking services has increased compared to any time in the past. The success of any digital bank depends on developing strong governance foundations compatible with appropriate regulations, and providing a flexible technical infrastructure that allows for a distinctive customer-centric experience and wise leadership. We would like to thank the shareholders of First Abu Dhabi Bank for agreeing to transfer the ownership of the previous First Gulf Bank banking license, which would allow us to start developing this independent bank in accordance with the ambitious vision that we set for it. ”