Abu Dhabi’s ADQ plans to set up digital bank

Abu Dhabi government-owned holding company ADQ  plans to set up a digital bank in the UAE.

ADQ will use the legacy banking licence of First Gulf Bank currently under First Abu Dhabi Bank (FAB), the lender said in a bourse filing on Oct 5.

In exchange, FAB will own 10% of the proposed digital bank’s share capital. FAB will also have preferential access to an additional 10% of the new bank’s share capital at the time of its initial public offering (IPO).

FAB’s shareholders will vote on the proposal on Oct 20.

First Abu Dhabi Bank was created in 2017 with the merger of First Gulf Bank and NBAD.

ADQ was previously known as the Abu Dhabi Developmental Holding Company before expanding its remit and rebranding in March this year.

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