19 May 2009
ADCB partners with Finance House
Abu Dhabi, 19 May 2009: Abu Dhabi Commercial Bank (ADCB) and Finance House PJSC (FH) have signed an AED 292 million Credit Facility Agreement, whereby ADCB extended a medium term loan, overdraft, and guarantee facilities to FH. The credit facilities provided by ADCB shall help FH to leverage the incremental opportunity in the UAE market for funding its financing activities in the retail and small and medium enterprise (SME) sector.
Finance House is a public joint stock finance company based in Abu Dhabi, providing financing products and services to personal, corporate and Government clients and has been particularly active in supporting the SME sector.
Mr. Ala’a Eraiqat, CEO of ADCB said that “ADCB enjoys a very strong and long standing relationship with Finance House and this facility provided by ADCB will further add new back up term liquidity to support the ongoing growth of Finance House. We have a long-term commitment to supporting key Abu Dhabi enterprises and like-minded business partners who continue to underpin the development of the UAE and Finance House stands at the forefront of such exciting ventures and initiatives.”
Mr. Colin Fraser, Head Wholesale Banking Group, ADCB, said “This strategic alliance is indicative of the strong relationship between Finance House and ADCB. We are delighted to be support of this bilateral financing facility which represents a significant commitment and a tailored financing solution to this major client of the bank based on their needs and business model.”
Mr. Mohammed Alqubaisi, Chairman, Finance House PJSC said “We are very pleased to be partnering with ADCB, one of the region’s most successful banks. The financing solution provided by the Bank has been tailor made to suit the needs of Finance House and will help us to successfully grow our business.”
Mr. Hamid Taylor, General Manager, Finance House PJSC, added “The relationship with ADCB commenced upon the inception of Finance House back in July 2004. ADCB has proven to be a bank that we can rely on and our relationship has grown in parallel with the growth of FH.”
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