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.

Follow the economic statement via Google News

MENAFN0510202001100000ID1100908466

These were the details of the news UAE – Abu Dhabi will soon establish an integrated digital bank... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Scientists reveal the effect of the Pfizer vaccine on children
NEXT Hermes Research Tops Institutional Investor’s Best Frontier Market Ranking