New investor will appear on Kazakhstan's financial market

Large banking group Abu Dhabi Commercial Bank PJSC (hereinafter – ADCB) received consent to acquire the status of a banking holding company and permission to acquire a subsidiary of «Al Hilal» Islamic Bank» JSC (by acquiring 100% of the bank's ordinary shares).

ADCB ranks 3rd (out of 56) in terms of assets in the UAE banking sector and has a high credit rating («A» from S&P and «A+» from Fitch).

Ultimate controlling shareholder is UAE Government (60.2% of shares are owned by Mubadala Investment Company PJSC, the sole shareholder of which is Abu Dhabi Government (UAE)).

As of January 1, 2024, ADCB assets amounted to $155.2 billion, its loan portfolio to $85.6 billion, its net worth to $19.5 billion.

ADCB carries out banking activities under a license issued by the Central Bank of the UAE on December 14, 2005.

Based on the applications and packages of documents received from ADCB, the Agency issued the following Board resolutions:

- No. 37 dated July 19, 2024, consent was issued to acquire the status of a banking holding company of «Al Hilal» Islamic Bank» JSC;

- No. 38 dated July 19, 2024, permission was issued to acquire a subsidiary - «Al Hilal» Islamic Bank» JSC.