ADCB expands mortgage business, acquires portfolio from Abu Dhabi Finance

  • Date: 01-Mar-2021
  • Source: Gulf Business
  • Sector:Real Estate
  • Country:UAE
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ADCB expands mortgage business, acquires portfolio from Abu Dhabi Finance

Abu Dhabi Commercial Bank (ADCB) has signed an agreement to acquire a portfolio of approximately 1,000 mortgages from Abu Dhabi Finance (ADF).

The transaction provides further growth for ADCB's retail and SME businesses in line with its strategy and risk management framework. It also scales the bank's home finance business and introduces more customers to ADCB's wide range of products and services.

The assets, with a gross book value of Dhs1.13bn as at January 31, 2021, comprise approximately 76 per cent residential mortgages and 24 per cent commercial mortgages. All the mortgages are conventional, with just under half of the portfolio collateralised by real estate in Abu Dhabi, and the remainder distributed across Dubai and other emirates in the UAE.

ADCB expands mortgage business through acquisition

of portfolio from Abu Dhabi Finance. Learn more at https://t.co/d4ezg8xviJ pic.twitter.com/3u20yGT88B

“” ADCB بنك أبوظبي التجاري (@OfficialADCB) February 28, 2021

ADF customers are expected to transfer to the ADCB banking platform during the first half of 2021, subject to the transaction receiving approval from the Central Bank of the UAE and other relevant authorities.

Arup Mukhopadhyay, head of the consumer banking Group at ADCB, commented: "The acquisition of this collateralised portfolio expands our mortgage book, enhancing the diversification of our