Abu Dhabi Commercial Bank has entered into a strategic alliance with Commercial International Bank, Egypt (CIB) to provide non-resident Egyptians (NREs) with an easy one stop solution to all their financial needs, both in the UAE and Egypt.
The alliance offers a comprehensive banking solution that offers deposits, loans and investment products to NREs.
"Our strategic intent is to establish cross border alliances with strong partners in key geographies enabling ADCB to provide comprehensive banking services to our customers," said CEO Ervin Knox.
"This alliance with CIB Egypt will offer the NRE community in the UAE quick and easy access to banking in both countries. Similarly, UAE nationals and foreign expatriates resident in the UAE and visiting Egypt will have access to ADCB's board spectrum of product and services."
NREs will be able to open a savings or current account with ADCB and an NRE savings account with CIB, enabling them to manage their banking needs in both countries supported by value added features of online utility bill payment options.
The alliance will also offer credit cards, mortgages, car and personal loans at competitive interest rates, both through branches, call centres, and online portals located in both the UAE and Egypt.
"We are also signing a master risk participation agreement with CIB that opens areas for further cooperation on inter-bank trade risk and syndicated loans," Knox said.
ADCB services its customers through a network of 40 branches, almost 100 ATMs in the UAE, and a call centre available 24 hours a day all week.
For its part CIB brings the benefits of its strong network both within and beyond Egypt including access to over 200 ATMs coupled with 95 branches.
