Dubai-based Commercial Bank International (CBI) on Monday announced it has allocated financing AED 1 billion in 2014 in support of small and medium enterprises (SMEs) operating in U.A.E. 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 U.A.E.'s 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." "Small and medium enterprises are important contributors to the U.A.E. economy as they help develop national entrepreneurial spirit in young generations. As a U.A.E.-based banking institution, we are proud to lend our support in breeding a new class of entrepreneurs and support the U.A.E. economy at large," added Babicci.
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.
Commercial Bank International (CBI) was incorporated in 1991 in the Emirate of Ras Al Khaimah. With its headquarters in Dubai, CBI today operates with a network of 19 branches and 124 ATMs spread across the U.A.E., along with two subsidiary companies - Takamul Real Estate (TRE) and International Financial Brokerage (IFB) - and a growing presence in transactional banking and technology-driven delivery channels.
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.