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29 March 2024

ADCB buys Dh450m Mubadala Capital loan portfolio

Published
By Staff

Abu Dhabi Commercial Bank (ADCB) has acquired Dh450 million worth of loan portfolio made to small and medium enterprises (SME) based in the UAE from Mubadala GE Capital.

The transaction follows a competitive bid process, and aligns with ADCB’s strategy to support the development of SMEs in the UAE, the bank said in a media statement.

SMEs represent a critical component of the UAE economy, said Ala’a Eraiqat, Chief Executive Officer and Board Member of ADCB, and noted that the move was part of ADCB’s strategy to focus on the UAE and provide banking and financing support to SMEs. “We continue to rapidly grow our SME customer base,” he added.

“We successfully developed a robust and valuable SME portfolio, and transactions of this nature are a normal part of continually evolving our business,” added Ronald Herman, CEO of Mubadala GE Capital.