Abu Dhabi Commercial Bank has signed an agreement to acquire Abu Dhabi Finance's real estate finance portfolio, which includes about 1,000 mortgage loans.
The bank said in a statement to the Abu Dhabi Securities Exchange, today, Sunday, that the deal will contribute to promoting the growth of the bank's business in the banking services sector for individuals and small and medium enterprises.
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The bank stated that the assets it acquired, which have a total book value of approximately 1.13 billion dirhams, as on January 31, 2021.
It includes residential real estate financing by about 76% and commercial real estate financing by about 24%, noting that the funds are distributed about 50% in the Emirate of Abu Dhabi, while the rest is distributed in Dubai And the other Emirates.
The bank expected to transfer Abu Dhabi Finance Company clients 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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