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News Article

20 April 2014

ADCB grows SME and Equipment Finance Portfolio

Abu Dhabi, 20 April, 2014: 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 m 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 ADCBs strategy to support the development of SMEs 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.

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