FAB announces plans to expand payments business
- FAB to carve out existing payments business into fully owned subsidiary
- Strategic move accelerates FAB’s digital transformation and offers long-term shareholder value
- Operational launch set for 2021 reinforces FAB’s leadership position in the payments space
- Subsidiary will support and enable government, merchants and institutional clients to excel in the digital economy
Abu Dhabi, 02 November 2020: First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions, is to carve out its existing payments business into a fully owned subsidiary with regional growth ambitions. This follows recent regulatory approval received from the Central Bank of the UAE.
Focused on direct acquiring, issuer processing and acquiring processing, the payments business will connect FAB’s scale, expertise, network and technology platforms with the region’s dynamic FinTech ecosystem to enable customers to excel in the digital economy.
The subsidiary will help government, merchant and institutional clients grow their core businesses by providing customised payment solutions and value-added services to seamlessly integrate and optimise technology investments, driving a superior customer experience and operational cost efficiencies.
The carve out is designed to unlock the growth potential from new geographies and customer segments, accelerating FAB’s digital transformation, enhancing its competitive position in the payments space and delivering long-term value to shareholders. It will support FAB’s digital strategy by exploring new business models and fostering new opportunities to innovate and unlock the transformative power of technology and data to deliver the most secure, convenient and relevant financial services.