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    Business

    ADCB expands mortgage business

    February 27, 2021
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    Abu Dhabi Commercial Bank PJSC (ADCB) has signed an agreement to acquire a portfolio of approximately 1,000 mortgages from Abu Dhabi Finance PJSC (ADF). The transaction provides further growth for ADCB’s retail and SME businesses in line with the Bank’s UAE-centric strategy and prudent risk management framework. ADF was established in 2008 as an Abu Dhabi-focused conventional mortgage specialist and has played a key role in the development and transformation of the real estate finance sector.

    The assets, with a gross book value of AED1.130 billion as at 31st January 2021, comprise approximately 76 percent residential mortgages and 24 percent 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.

    The acquisition of the mortgage portfolio from ADF further increases the scale of the Bank’s home finance business and introduces more customers to ADCB’s wide range of products and services. 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.

    The acquisition of this collateralized portfolio expands ADCB’s mortgage book, enhancing the diversification of their assets and customer base. The Bank continues to invest significantly to provide a leading real estate finance offering. ADCB have enhanced their digital capabilities and partnered with leading property companies to offer attractive and comprehensive home purchase packages.

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