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Abu Dhabi Investment Firm to Form Digital Bank With $545 Million Capital

    
Photographer: Christopher Pike/Bloomberg

Abu Dhabi investment firm ADQ plans to set up a digital bank with an initial capital of 2 billion dirhams ($545 million) after obtaining the legacy license of First Gulf Bank.

First Abu Dhabi Bank, formed with the merger of First Gulf Bank and National Bank of Abu Dhabi, said Tuesday its shareholders approved the transfer of the license to ADQ.