Dubai - Mubasher: Etihad Credit Insurance (ECI), a UAE-based federal credit insurance company, announced it has signed a memorandum of understanding (MoU) with the Corporate Banking division of the Dubai-based leading bank Emirates NBD.
Under the MoU, UAE-based companies will have access to ECI’s trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products to boost their global and regional business presence, according to a press release.
Trade finance solutions offered by Emirates NBD Corporate Banking’s include trade receivables, discounting, pre-shipment, export funding, surety bonding, and advisory services.
This move highlights the two parties’ commitment to achieving the non-oil diversification strategy in the UAE represented in the country’s 2021 vision.
The MoU was signed by CEO of ECI Massimo Falcioni and executive vice president and general manager of Emirates NBD Corporate Banking Ahmed Al Qassim.
This partnership will shed the light on “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,” ECI highlighted.
This collaboration will help ECI to bolster Emirates NBD’s institutional relationships, on-ground expertise, experience in capital investments, and track record in wholesale banking in order to prop up the local businesses expansion regionally and internationally.
Massimo Falcioni, CEO of 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,” he added.
