Etisalat Group has partnered with banking giant First Abu Dhabi Bank (FAB) and UAE conglomerates ADQ and Alpha Dhabi Holding to launch a new digital bank called “Wio”, the telecom operator announced on Friday.
Headquartered in Abu Dhabi, the financial services platform is envisioned to deliver “next generation” banking services that are “secure, transparent and convenient,” the company said in a filing to the Abu Dhabi Securities Exchange (ADX).
The telecom giant has committed to make a cash investment of 639 million dirhams ($173.96 million) in exchange for a 25 percent stake in the digital bank.
Etisalat said an agreement for the establishment of the bank was already signed on Thursday with the partner companies.
“This initiative brings significant value creation potential for Etisalat Group over the long term,” the company said.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)
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