Abu Dhabi Commercial acquires a real estate finance portfolio for Abu Dhabi Finance


Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank has signed an agreement to acquire the Abu Dhabi Finance real estate finance portfolio, which includes about 1,000 mortgage loans..

According to the bank’s statement on the Abu Dhabi Securities Exchange, today, Sunday, this deal will contribute to the growth of the bank’s business in the retail banking sector and small and medium enterprises.

The bank explained that the assets it acquired, which have a total book value of approximately 1.13 billion dirhams, as of January 31, 2021..

It includes residential real estate financing by approximately 76 percent and commercial real estate financing by 24 percent, noting that the financing is distributed approximately 50 percent in the Emirate of Abu Dhabi, while the rest is distributed in Dubai and other emirates..

He expected the transfer of Abu Dhabi Finance Company’s customers to its banking services platform during the first half of 2021, subject to obtaining regulatory approvals from the UAE Central Bank and the regulatory authorities..


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