Dubai, UAE: Etihad Credit Insurance, the UAE Federal credit insurance company has signed a Memorandum of Understanding (MoU) with Abu Dhabi Commercial Bank (ADCB), one of the UAE’s leading full-service commercial banks that is known for its digital and secure banking applications and offerings. This partnership will offer efficient customer service and tailor-made innovative solutions that will help public institutions and local businesses raise their business profile thereby helping them cement their presence regionally as well as internationally.
This alliance which focuses on encouraging and boosting UAE businesses by offering them wide profile of trade credit solutions and tools will also support ECI’s mandate to support UAE’s non-oil diversification programme as well as the sustainable development of the country.
Under the MoU, both the said institutions agreed to collaborate on offering a comprehensive range of trade credit insurance solutions, export and project financing, Letters of Confirmation, informative workshops, SME funding, and exchange of keen market intelligence to highlight the risk associated in international trade activities.
The MoU was signed between Massimo Falcioni, CEO of Etihad Credit Insurance and Colin Fraser, Head-Wholesale Banking Group of ADCB, in the presence of senior officials from both the organisations.
Massimo Falcioni, CEO of Etihad Credit Insurance said, “Digital disruption has been slowly transforming the banking landscape. ECI has always been consistently working towards incorporating digital technology through a wide range of innovative trade credit solutions and services that will assist the local businesses to raise their efficiency and productivity thereby strengthening their regional presence and boosting their chances of expansion. This partnership is a significant step for ECI since ADCB over the years is known for its cutting-edge products, digital banking approach, seamless and secure platforms as well as excellent customer servicing—a rare blend that would significantly help the company to support the UAE businesses.”
Colin Fraser, Head-Wholesale Banking Group, ADCB, said: “ADCB has always been focused on creating long-term and sustainable value for its customers. We are delighted to partner with ECI since it gives us the opportunity to extend our fast, ‘smart’, agile and secure core banking platform, a broad range of products, outstanding customer service, top-notch digitally innovative tools to help in supporting the ambitions of the UAE’s public and private institutions.”
ADCB is an award-winning, leading bank in the UAE that offers a wide scope of financial solutions and services that range from investment banking, wealth management, corporate finance, Islamic finance, foreign exchange, private and retail banking.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
For media inquiries, please contact:
Abeer Al Mutawa
Director Marketing & Communications
Etihad Credit Insurance
+971 4 4096824
abeer.almutawa@eci.gov.ae
Angeline Rivera
Business Unit Head
New Perspective Media
+971 4 2449597
angeline@newperspectivemedia.com
About ADCB:
ADCB Group is a leading UAE banking group that provides a full suite of award-winning products and services, spanning Consumer Banking, Wholesale Banking, Treasury & Investments and Property Management.
On 1 May 2019, ADCB and Union National Bank merged and the combined entity acquired Al Hilal Bank, which operates as a separate Islamic banking entity under its own brand within the Group. The transaction reinforced ADCB’s position as the third largest bank in the UAE, with assets of AED 423 billion based on pro forma financial information as at 31 December 2018.
The Group serves approximately 1 million customers.
ADCB Group, which is 60.2% owned by the Government of Abu Dhabi through the Abu Dhabi Investment Council, trades on the Abu Dhabi Securities Exchange (ADX) under the ticker of ADCB. As at 1 May 2019, ADCB’s market capitalisation was AED 67 billion.
Further information on ADCB can be found at adcb.com and information on the transaction between ADCB, UNB and Al Hilal Bank can be found at beyondambition.com
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