Zand shareholders acquire majority stake in Dubai Bank from Emirates NBD

Dubai: 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 as per its establishment roadmap.

“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,” said Mohamed Alabbar, Chairman of Zand.

“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.”

“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,” said Olivier Crespin, Co-founder and CEO of Zand

“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.”