By PTI Feb 15, 2022 7:55:37 PM IST (Updated)
The Aditya Birla Group, whose interests in financial services include running a non-bank finance company and asset management firm, had unsuccessfully applied for getting a licence for a universal bank in 2013 during the last round of allotments. In a statement on Tuesday, Zand said its launch is imminent and the entity will be the first digital bank to provide both retail and corporate services.
The Aditya Birla Group has invested an undisclosed amount in Zand, an upcoming digital bank in the United Arab Emirates (UAE). The USD 45-billion diversified conglomerate joins other investors like Franklin Templeton, Al Hail Holding LLC, Al Sayyah and Sons Investments LLC, Global Development Group, Mohamed Alabbar, Olivier Crespin, and Yusuff Ali M A as shareholders in the bank.
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The Aditya Birla Group, whose interests in financial services include running a non-bank finance company and asset management firm, had unsuccessfully applied for getting a licence for a universal bank in 2013 during the last round of allotments. In a statement on Tuesday, Zand said its launch is imminent and the entity will be the first digital bank to provide both retail and corporate services.
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