CBI Ups SME Offering: Bank Allocates AED 1 billion to Support SMEs in the UAE, Opens New Dedicated Business Banking Centre in JAFZA
Monday, September 01, 2014
Commercial Bank International (CBI) announced it has more than doubled financing to small and medium enterprises, allocating AED 1 billion in 2014 in support of small and medium enterprises (SMEs) operating in the UAE across diverse economic segments, with the launch of innovative business banking solutions and services.
Kris Babicci, CBI’s Chief Executive Officer, commented: “We are seeing significant growth in the SME sector as the UAE economy continues to strengthen. CBI intends to be a significant player in the SME and trade markets. We are committed to supporting government initiatives aimed at boosting business in the country and we are confident that CBI will add a new dimension to the environment in which our SME clients operate, thereby benefiting the national economy as a whole.” He also continued: “Small and medium enterprises are important contributors to the UAE economy as they help develop national entrepreneurial spirit in young generations. As a UAE-based banking institution, we are proud to lend our support in breeding a new class of entrepreneurs and support the UAE economy at large.”
In support of its SME business expansion strategy, CBI has recently opened its first dedicated business banking centre in Jebel Ali Free Zone. The opening of the facility has been driven by increasing demand from the burgeoning SME sector. Comprising of tellers, ATMs, Bill Payment Kiosk, and a team of dedicated Relationship Managers, our new branch is located at Block no 1, The Galleries, Downtown Jebel Ali. It offers convenient and comprehensive banking services to meet the banking needs of CBI’s corporate as well as well as retail clients.
Commenting on the new dedicated facility opening, Ali Sultan Rakkad, CBI’s Head of Wholesale Banking Group, said: “SMEs represent a growing percentage in our portfolio. The opening of the new Business Banking Unit in JAFZA represents an important step in CBI’s long-term strategy aiming to meet the transaction, trade, and lending needs of SMEs. By establishing this dedicated Business Banking Unit, we will be able to decentralize our service delivery and be closer to the trading community in one of Dubai’s most-established business districts with over 6000 businesses registered in the Free Zone.”
Natasha Abdulelah, Head of SMEs at CBI, said: “Our JAFZA dedicated branch will be easily accessible by the vibrant SME community located in this area, and will certainly position CBI to better respond to their growing needs for a comprehensive range of financing and banking solutions.”
The new centre servicing the SME business community is open from 8:00 am to 04:00 pm from Sunday to Thursday.
CBI was awarded the title of ‘Fastest Growing Bank in the UAE’ and ‘Most Improved Bank in the MENA Region’ on the much coveted Banker Middle East Industry Awards 2013. The awards were based on the quantitative analysis of key measure indicators such as assets, liabilities, total income, net attributable profit and return on assets, collating data on real size, real growth, and percentage growth to identify the region’s leading financial institutions.
In 2012, Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region completed the acquisition of 40% of CBI shares. CBI’s new brand launched in March last year reflects this partnership. With an expanding network across the United Arab Emirates, an enhanced product suite and a renewed customer-centric approach, CBI remains well positioned for future growth.