Hope the general public does not get confused and think Zand is a balm, not a bank!
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.
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 license for a universal bank in 2013 during the last round of allotments. Aditya Birla Group headed by Kumar Mangalam Birla is a key player in telecom (controlling telecom company Vodafone-Idea), Infrastructure, Cement, Coal, Power, Retail, Textile fields in India.
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. “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,” Zand’s Chairman Mohamed Alabbar said.
The statement said the Aditya Birla Group brings unmatched global operating experience across diverse sectors and markets spanning 36 countries, and a formidable financial services experience with funds under management of USD 57 billion. Crespin, who has experience of over two decades, will be the co-founder and chief executive of Zand and is seeking to deploy ‘hybrid digital strategies‘ to build the lender.
[with PTI inputs]
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