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'.