Once finalised, UAE Exchange is expected to relaunch its branch network in the UAE
Merger of Finablr assets and BFC would create regional financial services giant
Matrix International picked for financial compliance and fraud prevention
The bank recorded $450m in provisions and interest in suspense toward NMC, Finablr and associated companies last year
In December 2020, Finablr agreed to sell off its business to an Israeli-UAE consortium for $1
The deal is also among the first significant commercial transactions between UAE and Israeli companies
The NMC Health founder denies wrongdoing and says he has “complete faith in the justice system of the UAE”
Finablr and NMC Health were both listed on the London Stock Exchange before being suspended
UAE Exchange, which operates more than 100 branches across the country, stopped all transactions in March
The London-listed company, Finablr, had a market value of GBP77m when it was halted from trading in March, down from a peak of GBP1.5bn in December
Shetty claimed he was also a victim of fraud and put the blame on a “small group of current and former executives”
The family’s troubles began last month when Block’s Muddy Waters Capital issued a report criticising NMC’s accounts