Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Tidetron Shines at Future Food Asia 2023, Securing Award for the Fastest Growing Agrifood Biotech Startup in China

    May 29, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    India’s mastery in space: ISRO’s successful launch of Cartosat-3 satellite

    May 29, 2023
    Facebook Twitter Instagram
    UAE ReporterUAE Reporter
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    UAE ReporterUAE Reporter
    Home » ADCB expands mortgage business
    Business

    ADCB expands mortgage business

    February 27, 2021
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email

    Abu Dhabi Commercial Bank PJSC (ADCB) has signed an agreement to acquire a portfolio of approximately 1,000 mortgages from Abu Dhabi Finance PJSC (ADF). The transaction provides further growth for ADCB’s retail and SME businesses in line with the Bank’s UAE-centric strategy and prudent risk management framework. ADF was established in 2008 as an Abu Dhabi-focused conventional mortgage specialist and has played a key role in the development and transformation of the real estate finance sector.

    The assets, with a gross book value of AED1.130 billion as at 31st January 2021, comprise approximately 76 percent residential mortgages and 24 percent commercial mortgages. All the mortgages are conventional, with just under half of the portfolio collateralised by real estate in Abu Dhabi, and the remainder distributed across Dubai and other Emirates in the UAE.

    The acquisition of the mortgage portfolio from ADF further increases the scale of the Bank’s home finance business and introduces more customers to ADCB’s wide range of products and services. ADF customers are expected to transfer to the ADCB banking platform during the first half of 2021, subject to the transaction receiving approval from the Central Bank of the UAE and other relevant authorities.

    The acquisition of this collateralized portfolio expands ADCB’s mortgage book, enhancing the diversification of their assets and customer base. The Bank continues to invest significantly to provide a leading real estate finance offering. ADCB have enhanced their digital capabilities and partnered with leading property companies to offer attractive and comprehensive home purchase packages.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email

    Related Posts

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    Successful UAE-India partnership stands as a model of bilateral cooperation

    May 27, 2023
    Latest News
    PR Newswire

    Tidetron Shines at Future Food Asia 2023, Securing Award for the Fastest Growing Agrifood Biotech Startup in China

    PR Newswire

    SINGAPORE, May 29, 2023 /PRNewswire/ — The 7th edition of the Future Food Asia (FFA) conference…

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    India’s mastery in space: ISRO’s successful launch of Cartosat-3 satellite

    May 29, 2023

    Concept Medical’s fourth IDE approval for the MagicTouch Sirolimus Coated Balloon is granted for the treatment of Superficial Femoral Artery Disease (SFA)

    May 29, 2023

    ASUS Announces Zenbook S 13 OLED, the World’s Slimmest 13.3" OLED Laptop

    May 29, 2023

    Pioneering with Purpose – The Bold Group and Saffron Consultants host brand leadership event in Riyadh

    May 29, 2023

    DMCC PUBLISHES LATEST ‘FUTURE OF TRADE’ REPORT ON GAMING AND ESPORTS – FINDS MENA GAMING REVENUES TO ALMOST DOUBLE BY 2027

    May 29, 2023

    Big Data Expo 2023: Merging Digital Technology with Culture

    May 27, 2023
    © 2021 UAE Reporter | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.