The shareholders of Zand, the first digital bank to provide both retail and corporate banking, have completed the acquisition of the majority of shares in Dubai Bank PJSC as per its establishment roadmap. 

According to Olivier Crespin, co-founder and CEO of Zand, the bank could be launched soon.

“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,” Crespin said in a statement.

Mohamed Alabbar, Chairman of Zand, said: "We are excited to be closing in on our goal of establishing the UAE’s first native digital bank.”

In addition to innovative banking services, Zand is set to be a digital economic accelerator, providing the foundations for a broader generation of digital services.

“In line with the UAE's digital agenda and inspired by the nation’s spirit of innovation, we have been actively working with design, technology and financial partners to create a platform that will change the way people bank,” Alabbar said.

(Reporting by Seban Scaria; editing by Daniel Luiz)


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021