CBI allocates Dh1bn for SMEs in UAE

Dubai-based Commercial Bank International (CBI) on Monday announced it has allocated financing Dh1 billion in 2014 in support of small and medium enterprises (SMEs) operating in UAE across diverse economic segments.

Kris Babicci, CBI's Chief Executive Officer, said: "We are seeing significant growth in the SME sector as the UAE’s economy continues to strengthen. CBI intends to be a significant player in the SME and trade markets. We are committed to supporting government initiatives aimed at boosting business in the country and we are confident that CBI will add a new dimension to the environment in which our SME clients operate, thereby benefiting the national economy as a whole."

Babicci said: "Small and medium enterprises are important contributors to the U.A.E. economy as they help develop national entrepreneurial spirit in young generations. As a U.A.E.-based banking institution, we are proud to lend our support in breeding a new class of entrepreneurs and support the U.A.E. economy at large.”

In support of its SME business expansion strategy, CBI has recently opened its first dedicated business banking centre in Jebel Ali Free Zone. The opening of the facility has been driven by increasing demand from the burgeoning SME sector. Comprising of tellers, ATMs, Bill Payment Kiosk, and a team of dedicated Relationship Managers, our new branch is located at Block no 1, The Galleries, Downtown Jebel Ali. It offers convenient and comprehensive banking services to meet the banking needs of CBI's corporate as well as well as retail clients.

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