Abu Dhabi's Mubadala sells trade finance focussed digital bank AGTB to Gulf Islamic Investments
Anglo-Gulf Trade Bank is a Category 1 digital bank licensed by ADGM
Dubai: The Dubai-headquartered Gulf Islamic Investments is buying a digital bank - Anglo-Gulf Trade Bank (AGTB) - from Abu Dhabi wealth fund Mubadala. Anglo-Gulf Trade Bank, a Category 1 digital bank licensed by Abu Dhabi Global Market, specialises in trade finance.
“AGTB was set up to address a growing gap in the trade finance market, which has become highly fragmented,” a statement issued by GII said. “As the first digital bank of the ADGM, it provides its customers with technology-enabled smart banking solution in a well-regulated ecosystem.”
The deal size has not been disclosed. AGTB was established by Mubadala as the 'world’s first digitally-enabled trade bank'.
GII has been spreading its investments across sectors and geographies. Real estate investments in London and Paris were signed off last year, and there were recent plays in India and Saudi Arabia (with a dental firm).