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

The agreement empowers the establishment of ADQ’s new digital bank with an initial capital of around AED 2 billion, according to a press release on Wednesday. 

FAB will transfer ownership of the FGB banking license to ADQ in exchange for 10% of the new entity’s share capital and preferential access to another 10% of the shares in an Initial Public Offering (IPO). 

This decision is in line with the UAE government's long-term digital objective and will support FAB’s digital strategy.

The Group CEO of FAB, André Sayegh, said: "As ADQ moves forward with its plans, the addition of a digital bank will be an important development for the UAE that supports FAB’s vision to create value for our shareholders, as well as being a key enabler of Abu Dhabi’s digital agenda."

 Meanwhile, the CEO of ADQ, Mohamed Hassan Al Suwaidi, commented: "At ADQ, we have identified the opportunity to create a standalone digital bank to further enhance Abu Dhabi’s digital economy while strengthening our financial services portfolio."