Tuesday 27 July 2010
Emirates NBD sells Dh1bn loans to Japanese - The National Newspaper
Emirates NBD, the UAE’s largest bank, plans to sell about Dh1 billion (US$272.2 million) of car loans to Japan.
The complex transaction effectively puts money in Emirates NBD coffers at a lower rate of interest than it could get in the market, Rick Pudner, the bank’s chief executive, said yesterday.
Finding financing for banks has become harder and more expensive during the financial crisis as capital markets have tightened, spurring large lenders to search for innovative new ways to raise money.
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this initiative was executed by JApanese government to support export of their cars to UAE. ENBD has the largest portfolio of japanese car loans through Al futtaim. ENBD does not have the sophistication to execute such deals and it has taken over 18month to be executed.
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