Mubadala seeks to replace Rowland as partner in Anglo-Gulf Trade Bank

Mubadala seeks to replace Rowland as partner in Anglo-Gulf Trade Bank
Anglo-Gulf Trade Bank was founded in 2018. (Shutterstock)
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Updated 03 June 2021

Mubadala seeks to replace Rowland as partner in Anglo-Gulf Trade Bank

Mubadala seeks to replace Rowland as partner in Anglo-Gulf Trade Bank
  • Trade bank is undergoing restructuring after pandemic fallout

ABU DHABI: Mubadala Investment Co. is seeking to replace its joint-venture partner in the Anglo-Gulf Trade Bank, the Rowland family, with other investors, Asharq reported citing a person familiar with the matter.

Abu Dhabi’s Mubadala wants to bring in the new investors as part of a restructuring process after the bank was suffered under the pandemic.

The bank informed some of its clients last month that it would stop providing corporate accounts to clients, after reviewing its strategy and taking the decision to restructure, according to a letter seen by Bloomberg.

Anglo-Gulf Trade Bank was founded in 2018 through a collaborative venture between AGTB Holdings Limited, a Rowland family controlled company, and Mubadala.