Zand, the first digital bank to provide both retail and corporate services, reveals shareholders, marking yet another milestone in preparation for an imminent launch.
The list includes, in alphabetical order, Aditya Birla Group (Solfrid Investments Pte. Ltd), Al Hail Holding LLC, Al Sayyah and Sons Investments LLC, Franklin Templeton, Global Development Group, HE Mohamed Alabbar, Mr. Olivier Crespin, and Mr. Yusuff Ali M. A.
His Excellency Mohamed Alabbar, Zand’s Chairman, said “We have a strong group of shareholders who believe in creating long-term value for our customers. With their support, Zand is set to reshape the future of banking.”
“In addition to their impressive track records, prominent reputation and extensive experience, each shareholder brings a new perspective to our industry which will be the backbone of Zand’s market proposition.”
As a champion of technological innovation, Alabbar plays a key role in establishing Dubai as the Middle East’s Silicon Valley and the UAE as a world leader in digital transformation.
The Aditya Birla Group, under the leadership of Chairman Mr. Kumar Mangalam Birla, brings unmatched global operating experience across diverse sectors and markets spanning 36 countries, and a formidable financial services experience with funds under management of $57 billion. The group with a century old legacy has a market cap of about $75 billion.
With its diverse contribution to the UAE economy, the leading investment company Al Hail Holding is set to strengthen Zand’s reach within the UAE.
As a visionary investment company, Al Sayyah and Sons Investments brings a rich portfolio of innovative projects and a vision for sustainability through design.
Franklin Templeton, one of the world’s largest global asset managers with over $1.5 trillion in assets under management[1], has 75 years of investment experience, a breadth of capabilities and strategies and a deep commitment to the evolution of FinTech. The company has been present in the Middle East for more than two decades.
The Abu Dhabi-based holding company Global Development Group brings 30 years of experience in building extensive local and regional partnerships.
Yusuff Ali M. A, the Chairman and Managing Director of the retail conglomerate Lulu Group, is a visionary who will strengthen Zand’s evolutionary path.
With over 20 years of global experience in banking and FinTech, Co-founder and CEO of Zand, Olivier Crespin, is leveraging hybrid digital strategies to build the bank. He said, “We have an ideal foundation to launch Zand with shareholders who encompass a complete local and international ecosystem.”
“Our shareholders inspire us to build relevant products and innovative solutions that meet the needs of customers in the digital age.”
This announcement comes at the heel of the recent acquisition of the majority shares in Dubai Bank by Zand’s shareholders.
Zand is providing the opportunity to stay updated on its progress via an early-access list on its website, www.zand.ae.
[1] As of December 31, 2021.
