Aditya Birla Group has invested an undisclosed amount in Zand, a future digital bank in the United Arab Emirates (UAE). The diversified $45 billion 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 MA as shareholders of the bank .
Aditya Birla Group, whose financial services interests include running a non-banking finance company and an asset management company, unsuccessfully applied for a universal bank license in 2013 in the last round of allocations. In a statement on Tuesday, Zand said its launch was imminent and that the entity would be the first digital bank to provide both consumer and business services.
“We have a strong group of shareholders who believe in creating long-term value for our customers. With their support, Zand is poised to shape the future of banking,” said Zand Chairman Mohamed Alabbar. According to the release, Aditya Birla Group brings unrivaled global operational experience across various industries and markets spanning 36 countries, as well as tremendous financial services experience with funds under management of $57 billion.
Crespin, who has more than two decades of experience, will co-found and manage Zand and is looking to deploy “hybrid digital strategies” to build the lender.
First post: STI