Mubadala seeks to replace Rowland as partner in Anglo-Gulf Trade Bank

Trade bank is undergoing restructuring after pandemic fallout

  
A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

Mubadala/ Handout via Zawya
 
ABU DHABI: Mubadala Investment Co. is seeking to replace its joint-venture partner in the Anglo-Gulf Trade Bank, the Rowland family, with other investors, Asharq reported citing a person familiar with the matter.

Abu Dhabi’s Mubadala wants to bring in the new investors as part of a restructuring process after the bank was suffered under the pandemic.

The bank informed some of its clients last month that it would stop providing corporate accounts to clients, after reviewing its strategy and taking the decision to restructure, according to a letter seen by Bloomberg.

Anglo-Gulf Trade Bank was founded in 2018 through a collaborative venture between AGTB Holdings Limited, a Rowland family controlled company, and Mubadala.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Alternative Investments