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Dubai

Shareholders complete acquisition of majority stake in Dubai Bank from Emirates NBD bringing the launch of independent digital bank Zand closer

Dubai, 20 December 2021

The shareholders of Zand, the first digital bank to provide both retail and corporate services, have successfully completed the acquisition of the majority of shares in Dubai Bank PJSC as per its establishment roadmap.  

As His Excellency Mohamed Alabbar, Chairman of Zand, highlighted; “Today’s announcement marks another major milestone for Zand, and we are excited to be closing in on our goal of establishing the UAE’s first native digital bank.”

“In line with the UAE's digital agenda and inspired by the nation’s spirit of innovation, we have been actively working with design, technology and financial partners to create a platform that will change the way people bank.”

“As a commercial, financial, and technology hub, coupled with a progressive approach to regulation, the UAE provides the ideal environment into which to launch, and we cannot wait to welcome our first customers.”

Olivier Crespin, Co-founder and CEO of Zand, added, “We have re-imagined banking, freeing ourselves from the legacy mindset and processes of traditional banks while putting the customer at the centre of everything we do.”

“We are now in the final stage of going live and all remaining steps including regulatory approval are well on track for an imminent launch."

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