ADCB to provide corporate financing solutions for trade in both the UAE and Korea

Abu Dhabi, 20 September 2011: Abu Dhabi Commercial Bank (ADCB) and the Export-Import Bank of Korea (KEXIM), have signed a partnership agreement to provide comprehensive financing solutions for trade companies in both the UAE and Korea. The MOU will help support and finance the significant trade flows of capital and goods between the two countries, and underscore the importance of the UAE as a trade partner for Korea and Korean companies.

The Export-Import Bank of Korea (KEXIM) is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business. Since establishment in 1976, the Bank has actively supported Korea's export-led economy and facilitated economic cooperation with foreign countries.

This definitive partnership represents an alliance between two strong providers and demonstrates ADCB's commitment to the UAE and Korean markets. KEXIM is committed to strengthening partnerships with ADCB to provide greater financing to Korean exporters and investors in the UAE.

Commenting on the agreement, Ala'a Eraiqat, CEO and Board Member of ADCB said: "This partnership with KEXIM marks only the beginning of our partnership together. ADCB is delighted with this collaboration and is looking forward to providing comprehensive financing support to both UAE and Korean companies who trade between our two countries. Korean firms have played a major role in the build of the UAE economy, benefiting both countries considerably. ADCB is committed to the development of the Abu Dhabi economy and the UAE overall. Through this initiative we want to play an even greater role in bringing together domestic and international companies."

The MOU will enable clients of both banks to benefit from two very strong financially liquid banks with large balance sheets who have invested heavily in their trade business. Each bank has deep expertise and knowledge in trade finance and is highly connected in its market and is well recognised by both corporate and government communities.

Mr. Ki Sub Nam, Executive Director (Member of the Board of Directors) of KEXIM said:

"I am very pleased to sign this MOU during our visit to the three major countries (UAE, Saudi Arabia, and Egypt) of the MENA region.

 With banks in the Middle East emerging as important sources of financing for large-scale infrastructure projects, we recognize that there is an increasing need for stronger collaboration with financial institutions in the region. In this regards, I am confident that the MOU signed today will open a new frontier for future collaboration and accelerate cooperation between KEXIM and ADCB. We hope to explore new areas of cooperation, including co-financing and information exchange, in the years to come."

Colin Fraser, Group Head Wholesale Banking for ADCB added: "This is an exciting alliance which will help companies in both countries  trade together through the provision of combined expertise, financial strength and connectivity in the market. ADCB and KEXIM are uniquely well placed to support trade and investment between the UAE and Korea. ADCB has invested heavily in its capabilities in trade finance and corporate banking and is keen to help international companies grow in the UAE market. We greatly look forward to working with KEXIM to support major projects and trade business for our respective clients."

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About ADCB:
ADCB was formed in 1985 and as at 30 June 2011 employed over 3,813 people from 49 nationalities, serving over 480,000 retail customers and over 33,000 wholesale clients in 45 branches, 4 pay offices and 1 kiosk in the UAE and two branches in India.  It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 179 bn as at 30 June 2011.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative and Islamic products, project finance and property management services.

ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council.  Its shares are traded on the Abu Dhabi Securities Market.  As at 30 June 2011, ADCB's market capitalisation was AED 17 bn.

For further information please contact:
Corporate Communications Department
ADCB
Tel: +971 (0) 2 696 2380
Fax: +971 (0) 2 610 9852

© Press Release 2011