Top officials during the signing ceremony on Sunday.
Business Bureau, Gulf Today
Etihad Credit Insurance (ECI), the UAE federal credit insurance company has signed a Memorandum of Understanding (MoU) with the Corporate Banking division of Emirates NBD, a leading bank in the region to provide export insurance services to UAE companies, enabling them to expedite their global business reach.
This partnership will empower UAE-based firms to strengthen their presence regionally and internationally by providing them access to ECI’s comprehensive range of trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products such as trade finance solutions while including but not limited to trade receivables, discounting, pre-shipment, export funding, surety bonding as well as advisory services. This cooperation underlines ECI and Emirates NBD’s shared commitment to achieving UAE’s non-oil diversification strategy embodied in the country’s 2021 vision and goals.
The MoU was signed by Massimo Falcioni, CEO of ECI and Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking, Emirates NBD in the presence of senior officials from both organisations.
The collaboration between ECI and Emirates NBD will focus on areas that include trade credit risk management solutions, export financial tools, surety bonds, export financing, SME financing, aircraft financing, corporate financing, bond support and Letters of Credit Confirmation. The partnership will enable businesses to access customised and structured financial solutions combined with global expertise to meet their evolving needs. This allows ECI to leverage Emirates NBD’s institutional relationships, on-ground expertise, strong experience in capital investments and impressive track record in wholesale banking to support the regional and global expansion of local businesses.
Massimo Falcioni, Chief Executive Officer, ECI, said, “Growing business regionally or globally plays a crucial role in building a strong, diversified, and sustainable economy of the country. ECI’s mandate is to give ease of access to financial solutions to local businesses. Given our national mandate and Emirates NBD’s expertise, we are confident that we will empower UAE-based exporters and local businesses to expand their footprint regionally and globally.”
Commenting on this strategic collaboration, Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking at Emirates NBD said, “We are pleased to sign this partnership agreement with ECI which is aimed at providing financing solutions that will provide increased flexibility to UAE businesses as they pursue their expansion plans. Emirates NBD has always taken the lead in creating innovative financial solutions that benefit the local economy and our joint initiative will serve to reinforce and support the continued development of the nation’s economy.”
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
Emirates NBD is a leading banking Group in the region. As at 31st March 2019, total assets were Dhs 525.8 Billion, (equivalent to approx. USD 143 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 234 branches and 1076 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China, Indonesia and Turkey.