Dubai Bank to be reintroduced as Zand
The shareholders of Zand, the upcoming digital bank in the UAE, have acquired the majority of shares in Dubai Bank from Emirates NBD.
The move will support the impending launch of the new bank, which claims to be the ‘first digital bank to provide both retail and corporate services’.
Emirates NBD merged with Dubai Bank in 2011, and in April this year, Emirates NBD entered into an agreement to sell a controlling interest in Dubai Bank to Abu Dhabi-based Eradah Capital. The size of the transaction was not revealed.
“We are excited to be closing in on our goal of establishing the UAE’s first native digital bank,” commented Mohamed Alabbar, Chairman, Zand.
Olivier Crespin, Co-founder and CEO, Zand, emphasized that the bank is stepping away from the “legacy mindset and processes of traditional banks”.
“We are now in the final stage of going live and all remaining steps including regulatory approval are well on track for an imminent launch,” he continued. The UAE has seen a rise in fintech solutions as well as digital banking platforms. Also in October 2020, Abu Dhabi investment firm ADQ announced plans to set up a digital bank with an initial capital of US$ 545mn after obtaining the legacy licence of First Gulf Bank.
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