Abu Dhabi Commercial Bank PJSC (“ADCB”) has executed a Portfolio Transfer Agreement with Mubadala GE Capital PJSC under which ADCB will purchase a circa AED 450 million portfolio of asset finance loans for small and medium enterprises (“SME”) based in the UAE.
The transaction follows a competitive bid process, and aligns with ADCB’s strategy to support the development of SME’s in the United Arab Emirates.
Ala’a Eraiqat, Chief Executive Officer and Board Member of ADCB stated:”We are delighted to have successfully executed this transaction, which affirms ADCB’s clear strategy to focus on the UAE and provide banking and financing support to SMEs, which represent a critical component of the UAE economy.”
He continued: “ADCB will significantly enhance its market leading and award winning SME franchise with this purchase. We continue to rapidly grow our SME customer base through a superior service and product proposition that has been proven to meet the needs of SMEs in the UAE.”
Ronald Herman, Chief Executive Officer of Mubadala GE Capital PJSC, said: “We are delighted to have completed this transaction with ADCB who will be an excellent partner for our customers. We successfully developed a robust and valuable SME portfolio, and transactions of this nature are a normal part of continually evolving our business.”