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

As His Excellency Mohamed Alabbar, Chairman of Zand, highlighted; “Today’s announcement marks another major milestone for Zand, and we are excited to be closing in on our goal of establishing the UAE’s first native digital bank.”

“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.”

“As a commercial, financial, and technology hub, coupled with a progressive approach to regulation, the UAE provides the ideal environment into which to launch, and we cannot wait to welcome our first customers.”

Olivier Crespin, Co-founder and CEO of Zand, added, “We have re-imagined banking, freeing ourselves from the legacy mindset and processes of traditional banks while putting the customer at the centre of everything we do.”

“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.”

Zand is providing the opportunity to stay updated on its progress via an early-access list on its website, www.zand.ae.

About Zand

Zand, the first digital bank to provide both retail and corporate banking, is set for imminent launch in the UAE, subject to final regulatory approvals from the Central Bank of UAE. 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. Through fully digital offerings, Zand will make banking quicker and simpler, and provide tools that put customers in control of their financial lives. Zand will also be unique in its focus on ecosystems and communities of businesses and individuals, enabling it to introduce products and services not traditionally available. Visit www.zand.ae for more information.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release 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. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.