Business | Banking

Invest AD to wind up its banking firm

  • Zawya Dow Jones
  • Published: 00:00 April 16, 2010
  • Gulf News

Dubai: Abu Dhabi government-owned investment company Invest AD is looking to spin off, and possibly sell, its investment banking business after it decided to wind it down due to market conditions, a person close to the company said yesterday.

"Invest AD brought a high-quality team on board, and they would be pretty valuable to the right player as markets are rebounding," the person, who declined to be named, said.

The company is looking for possible "third party partners," which includes buyers, the person added.

Invest AD yesterday said it had decided to close its investment banking advisory team "after careful consideration of market conditions."

Gulf News
Retail Gold Rate
Business Editor's choice
Quick Access

  1. Markets

  2. Economy

  3. Property

  4. Aviation

Business Top Stories

  1. Fake iPhones swarm the markets

  2. UAE business climate top draw for GCC nationals

  3. Chinese authorities approve iPhone 6

  4. Abu Dhabi hotel occupancy up to 71.3% in August

  5. Emirates expands Africa reach with Angola deal