ADCB signs agreement to buy 1,000 mortgages from Abu Dhabi Finance

Abu Dhabi Commercial Bank has signed an agreement to acquire a portfolio of about 1,000 mortgages from Abu Dhabi Finance. “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,” said ADCB in a statement yesterday. The assets, with a gross book value of about Dh1.130 billion as at January 31, 2021, consist of about 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.