19 September 2005
Strong Alliance - Endless Possibilities Abu-Dhabi Commercial Bank (ADCB) and Commercial International Bank - Egypt (CIB)
ADCB has entered into a strategic alliance with Commercial International Bank-Egypt (CIB) to provide Non Resident Egyptians (NRE) with an easy one stop solution to all their financial needs - both in the UAE and Egypt. The alliance offers a comprehensive banking solution that offers deposits, loans and investment products to NREs.
The joint deposit products include savings and current accounts in the UAE and Egypt, fast remittance of funds, and account access products like cheque books, debit card for dependents' use in Egypt, free Internet banking for the bank accounts with attractive interest rates on NRE fixed deposits.
Through this alliance, NREs will now be able to open a savings/current account with ADCB and an NRE savings account with CIB enabling them to manage their banking needs in both countries supported by value added features of Online Utility Bill payment options.
The alliance will also offer credit cards, mortgage loans, car loans and personal loans at competitive interest rates, both through branches, call centres, and online portals located in both the UAE and Egypt.
ADCB already services its customer through a fast expanding network of 40 branches, close to a 100 ATMs in the UAE, and a 24/7 call center. On its part CIB brings benefits of its strong network both within and outside of Egypt including access to over 200 ATMs coupled with 95 networked outlets. The synergies generated by the bricks and motors network coupled with a strong internet platform will provide easy access to customers.
Apart from these products both ADCB and CIB will offer a broad range of contemporary global investment products including third party products in line with the changing requirements of the customers. These will include mutual funds, insurance, and structured products. Trade finance facilities will also be leveraged to enhance trade activity between both countries.
"Our strategic intent is to establish cross border alliances with strong partners in key geographies enabling ADCB to provide comprehensive banking services to our customers. This alliance with CIB Egypt will offer the Non Resident Egyptian community in the UAE quick and easy access to banking in both countries. Similarly, UAE nationals/residence visiting Egypt will have access to ADCB's board spectrum of product and services. We are also signing a master risk participation agreement with CIB today that opens areas for further cooperation on inter-bank trade risk and syndicated loans." said Mr. Ervin Knox, Chief Executive Officer of Abu Dhabi Commercial Bank.
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