Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of First Abu Dhabi Bank (FAB) will consider the transfer of ownership of Legacy First Gulf Bank's banking license to ADQ Holding.

ADQ Holding plans to establish a fully digitalised UAE bank, according to FAB's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.

To transfer the ownership of First Gulf Bank's banking license to ADQ, FAB will hold a 10% stake in the proposed bank's share capital in exchange.

Meanwhile, FAB will have preferential access to an additional 10% of the new bank's share capital at the time of its initial public offering (IPO).

It is noteworthy to mention that in the first half (H1) of 2020, FAB posted net profits attributable to the bank's shareholders of AED 4.819 billion, down 24% from AED 6.327 billion in the same half of 2019.