The first digital bank in the UAE intends to launch its services early next year, as Zand is working in full swing to complete the procedures required by the UAE Central Bank to obtain the necessary licenses, according to what an informed source told Al-Sharq.
Zand Bank, whose board of directors is chaired by Emaar Chairman Mohamed Al-Abbar, announced today that it has completed the acquisition of the majority stake in Dubai Bank from Emirates NBD, according to a statement issued by it.
The source indicated that Zand, which is the first independent digital bank to provide banking services to individuals and companies, “will be among the first of its services a special product for financing trade and supply chains, especially for small and medium companies.”
As for individuals, Zand will provide services that can be provided digitally, such as opening accounts, without going into developing services that are not available to digital banks, such as mortgages, for example, as the source disclosed.
While he indicated that the requirements of the Central Bank of the Emirates to obtain a license are “severe”, he considered that this matter has a positive side, “as not everyone who wants to obtain a digital bank license can easily.”
In addition, the source explained that Zand will provide its services first to the UAE market, “which is witnessing a significant growth in digital banking operations. Then we will head to the markets of the Gulf Cooperation Council countries. As for our farthest ambition, it is to become a global bank, and to be the number one in the banking services market.” digital in the Emirates.
The source describes the acquisition of the majority stake in Dubai Bank as an advanced step in the process of establishing and launching Zand Bank, whose name means “sand”, refusing to disclose the value of the deal.
Noting that Emirates NBD acquired Dubai Bank in October 2011. According to the latest financial data announced by Dubai Bank before the transaction, its customer deposits amounted to 14.9 billion dirhams, and its total assets are 17.4 billion dirhams, and its total liabilities are 15.7 billion dirhams.
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