Abu Dhabi 07 September, 2004: A tie up between ADCB, one of the UAE's leading financial institutions, and Audi has proved to be a resounding success. Since launching the special car loan offer earlier in the summer, the Al Nabooda Automobiles- Audi Showrooms have completely sold out of their high end cars.
"This successful promotion offers customers affordable and efficient financial solutions allowing them to drive away with their dream car. The launch of this car finance programme signifies the beginning of a mutually beneficial relationship between ADCB and Audi in offering customers flexible, convenient and attractive car finance deal providing full customer satisfaction," said Ajay Bimbhet, Head of Retail.
Customers interested in the promotion do not need to be ADCB account holders. The scheme allows customers to pay only half of the vehicle price through 24 monthly instalments and the balance will be paid at the 25th instalment. The 25th instalment is interest free for all Audi cars. Once the customer completes the payment for the 24 instalments they have one of three options:
Return the vehicle to the Al Nabooda dealership to settle the last instalment
Re-finance the vehicle from ADCB at a used car interest rate
Settle the loan with the 25th instalment
"We are proud to have made this association with an automobile manufacturer that matches our profile. This joint venture was carefully designed to provide the best from both organisations and this was clearly reflected in the fantastic results of the promotion," said Eirvin Knox, CEO of ADCB.
The promotion continues until the end of December 2004. To take advantage of the tie up, customers need to visit any one of the Al Nabooda Audi showrooms in Dubai or Northern Emirates.
Ali Al Nabooda, Al Nabooda Brand Manager for Audi, said:
"We are excited about both our product offering to Audi drivers and our relationship with ADCB. We believe that ADCB as a partner meets our Audi clientele expectations in terms of flexibility, quality of service and overall business performance."
Allowing customers the option of deferring a portion of the car's price to the end of the term takes this program one step further beyond traditional financing as it takes into account a customer's cash flow.
-Ends-
About ADCB
Abu Dhabi Commercial Bank (ADCB) was formed in 1985 as a public shareholding company with limited liability, upon the merger of Emirates Commercial Bank and Federal Commercial Bank with Khaleej Commercial Bank.
ADCB's share capital is AED1250 M (USD340 M). The Government of Abu Dhabi through Abu Dhabi Investment Authority (ADIA) holds 65% of the paid up capital, while the balance of 35% is held by UAE Institutions and Nationals. In terms of Authorised as well as Paid up Capital, the Bank is the largest in the country and in terms of Shareholders' Funds, it is among the top five. In addition, in terms of net profit, it was the highest rated local bank during 1998, 1999, 2000, 2001 and second during 2002. Total Shareholders' Funds as of 31.12.2003 stood at AED4479 M (USD1219 M).
ADCB efficiently handles payment instructions, Letter of Credit and Guarantees through a network of 36 branches in UAE and 2 branches in India (Mumbai and Bangalore). ADCB also offers Credit Card, Investment, Trade and Project Financing Services.
Joanne Kubba,
Account Manager
Impact Porter Novelli
Emirates Towers, 16th Floor
P.O.Box 19791,
Dubai,
United Arab Emirates
Tel: +9714 330 4030 ext. 405
Fax: +9714 330 4031
Mobile: +971 50 655 6710
Email: j.kubba@ipn.ae
© Press Release 2004
