Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) signed an agreement to acquire a portfolio of about 1,000 mortgages from Abu Dhabi Finance (ADF).
The transaction will further grow ADCB’s retail and SME businesses, according to a bourse statement on Sunday.
Founded in 2008, ADF is 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 AED c1.130 billion as of 31 January 2021, comprise approximately 76% residential mortgages and 24% 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 statement read.
ADF customers are expected to transfer to the ADCB banking platform during the first half (H1) of 2021, subject to the approval of the Central Bank of the UAE and other relevant bodies.