Morocco Report
  • Automotive
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Luxury
  • News
  • More
    • Sports
    • Technology
    • Travel
Reading: ADCB expands mortgage business
Share
Aa
Morocco Report
Aa
Search
  • Automotive
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Luxury
  • News
  • More
    • Sports
    • Technology
    • Travel
© 2022 Morocco Report | All Rights Reserved
Morocco Report > Business > ADCB expands mortgage business
Business

ADCB expands mortgage business

February 27, 2021
Share
SHARE

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.

You Might Also Like

EU’s €1.1 billion bicycle exports highlight shift to sustainable living

Strengthening UAE-India relations: Top diplomats discuss economic partnership

Global stocks surge as US debt ceiling agreement brings relief

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

European Investment Bank supports circular economy with €3.4 billion lending

Admin February 27, 2021
Share this Article
Facebook TwitterEmail Print
Previous Article Sony FX3 Full-Frame Camera
Next Article Mohammed bin Rashid announces new appointments in UAE government

Latest News

UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar
UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar
News
Sony faces antitrust probe in Romania over PlayStation's market dominance
Sony faces antitrust probe in Romania over PlayStation’s market dominance
News
Twitter's legal woes mount as former PR firm files lawsuit for unpaid invoices
Twitter’s legal woes mount as former PR firm files lawsuit for unpaid invoices
News
WHO report urges governments: prioritize food security over tobacco industry
WHO report urges governments: prioritize food security over tobacco industry
News
India soaring to new heights: the impact of nine years of Modi's leadership
India soaring to new heights: the impact of nine years of Modi’s leadership
News
PM Modi begins action-packed three-nation tour, eyeing over 40 engagements
PM Modi begins action-packed three-nation tour, eyeing over 40 engagements
News

You Might Also Like

UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar
News

UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar

June 2, 2023
Sony faces antitrust probe in Romania over PlayStation's market dominance
News

Sony faces antitrust probe in Romania over PlayStation’s market dominance

May 31, 2023
Twitter's legal woes mount as former PR firm files lawsuit for unpaid invoices
News

Twitter’s legal woes mount as former PR firm files lawsuit for unpaid invoices

May 30, 2023
India’s mastery in space: ISRO's successful launch of Cartosat-3 satellite
Technology

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

May 29, 2023

© 2022 Morocco Report | All Rights Reserved

  • Home
  • Contact Us
Welcome Back!

Sign in to your account

Lost your password?