UAE – Abu Dhabi will soon establish an integrated digital bank...

UAE – Abu Dhabi will soon establish an integrated digital bank...
UAE – Abu Dhabi will soon establish an integrated digital bank...
(MENAFN – Al-Bayan) Date: October 06, 2020 First Abu Dhabi Bank will hold a general assembly meeting on October 20, to consider the transfer of the banking license of the former First Gulf Bank, to ADQ Holding, a company wholly owned by the Abu Dhabi government, which intends to establish an integrated digital Emirati bank.

The bank said, in a disclosure to the Abu Dhabi market, that it will waive in exchange for its possession of 10% of the shares of the intended bank, and First Abu Dhabi Bank will have an additional 10% preference when offering the new bank’s shares for public subscription.

Observers in the banking sector told Al-Bayan Al-Eqtisad that the establishment of the bank is a pioneering step that contributes to meeting the needs of customers and providing all instant banking services through digital channels and without branches, explaining that the banking sector is currently witnessing strong competition between major national and foreign banks. To develop its digital online banking services.

Observers expected that there will be a major shift towards digital banks in the coming years, to keep pace with the great technical changes that the world is witnessing in the banking sector, which opens the door to the disappearance of traditional banks in their current form, in addition to providing services to customers in easier and easier ways, which leads to attracting more Customers, in addition to rationalizing spending, by gradually reducing the number of bank branches and their employees.

The number of traditional national banks in the country reached 21, with 588 branches at the end of last July, compared to about 656 branches at the end of last December, which means closing 68 branches during the first seven months of this year, in light of the shift towards smart and electronic banking.

Trading was active yesterday, on ‘First Abu Dhabi’, topping the list of the most active in the Abu Dhabi market, after trading 5.63 million shares, worth 62.8 million dirhams, through 217 transactions, and closed down 0.18%, at 11.12 dirhams.

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