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· Partnership will protect CBI's corporate and commercial customers against nonpayment risks
· Mark Robinson, CEO of CBI: "Credit insurance-backed receivable financing is an essential offering worldwide and we are delighted to partner with NGI and Cofaceto offer this service in UAE."
Dubai: Commercial Bank International (CBI) and National General Insurance Co (NGI), a fully accredited national insurer, today signed an agreement to provide trade credit insurance as part of CBI's receivable financing services. The agreement is backed by Coface Credit Information Services (Coface).
Under the terms of the agreement, NGI will provide insurance protection for CBI's trade products, such as invoice discounting and cheque discounting. This will provide CBI customers with additional levels of protection against nonpayment risks.
Mark Robinson, CEO of CBI said: "Credit insurance-backed receivable financing is an essential offering worldwide and we are delighted to partner with NGI and Coface to offer this service here in the UAE. Protecting our exposures with such cover enables us to offer attractive financing options for small and mid-sized businesses in UAE."
Dr. Abdul Zahra Abdullah Ali, CEO of NGI, added: "We are very excited to partner with CBI. This receivable financing model provides an innovative partnership to connect established banks with insurance protection to ease corporate cash flow management. We will leverage on the solid reinsurance capacity of our French partner Coface RE, as well as on the extensive credit information knowledge of Coface Emirates Services, who will provide technical assistance, including credit opinions and risk monitoring on the debtors."
Satyajeet Roy, Head of Business Banking at CBI, said: "We continue to support businesses in the UAE by being a responsible lender and offering solutions to meet market demand. Coface Emirates Services' credit information services will not only strengthen our client selection process but also help mitigate risk."
Massimo Falcioni, CEO of Middle East Countries at Coface Emirates Services added: "This partnership enables Coface Emirates Services to provide credit opinion and information services to CBI and NGI, allowing them to make informed decisions to react faster to customers' demands and build up a competitive advantage by providing effective credit management information services."
About Commercial Bank International (CBI)
Commercial Bank International (CBI) was incorporated in 1991 in the Emirate of Ras Al Khaimah. With its headquarters in Dubai, CBI today operates with a network of 27 branches and 77 ATMs spread across the UAE and a growing presence in transaction banking and technology-driven delivery channels.
The Bank offers a comprehensive portfolio of banking products, as well as tailor-made financial solutions in both Corporate and Retail Banking, ranging from personal account services to finance for homes and automobiles to commercial loans and project support.
Supported by its strategic partnership with Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region, since QNB's acquisition of 40% of CBI shares in 2012, and a customer-centric approach, CBI is well positioned for growth.
CBI's shares are listed on the Abu Dhabi Securities exchange (ADX).
For more information on CBI, please visit cbiuae.com
© Press Release 2015
