RAKBANK arranges AED 125 million financing solution to Reem Finance
RAKBANK has announced the arrangement of a AED 125 million credit facility to Reem Finance, a private joint stock company incorporated in Abu Dhabi, focusing on commercial lending to a wide range of businesses.
The loan facility was signed at the Reem Finance’s office in Abu Dhabi. Reem Finance provides innovative and tailored commercial financing solutions across the UAE with agility and quality of execution.
Peter England, RAKBANK CEO, said: “We are delighted to have partnered with Reem Finance to support their general expansion plan in commercial lending. This facility allows us to diversify our asset book into Non-Bank Financial Institutions (NBFIs) in the region.”
Commenting on the signing, Howard Kitson, Reem Finance CEO, said: “We are extremely pleased to sign up on this partnership with RAKBANK as this is the second medium term financial agreement for us in the UAE. This agreement reflects strong investor confidence in the company’s operations and future growth potential and confirms the positive market sentiment as the company enters a new era of business development and is geared to become a market leader under the directive of the new board and the new executive team.”
Attending the ceremony were Mustafa Kheriba, Reem Finance’s Board Member, Howard Kitson, Reem Finance’s Chief Executive Officer, and Peter England, RAKBANK’s Chief Executive Officer, along with Rajan Khetarpal, RAKBANK’s Board Member, and other senior representatives from RAKBANK, and Reem Finance.