GII buys digital bank from Mubadala

UAE sovereign wealth fund Mubadala has sold Anglo-Gulf Trade Bank (AGTB) to Gulf Islamic Investments (GII), a UAE-based private equity firm.

The sharia-compliant GII has almost US$2billion in assets under management.

It has acquired 100% of AGTB from Mubadala, although no financial details of the transaction were disclosed.

AGTB is based in the Abu Dhabi Global Market (ADGM) and is licensed as a category 1 digital bank by the Financial Services Regulatory Authority.

It was established by Mubadala to address a gap in the increasingly fragmented trade finance market.

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