Daily News: April 21, 2014

Mubadala GE Capital to Sell Loan Portfolio to ADCB

According to a Middle-East news source, Abu Dhabi Commercial Bank was said to have agreed to buy a portfolio of asset-financing loans worth $122.5 million from Mubadala GE Capital.

The portfolio, which comprises loans to small and medium-sized enterprises in the United Arab Emirates, will strengthen the bank’s position in a sector described by ADCB’s chief executive Alaa Eraiqat as “a critical component of the UAE economy.”

Mubadala GE Capital, established in 2010 to provide structured financing to businesses, is a joint venture between Abu Dhabi state investment firm Mubadala and General Electric.

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