Commercial Bank International and National General Insurance Co sign trade credit insurance agreement, backed by Coface Credit Information Services
Commercial Bank International (CBI) and National General Insurance Co (NGI), a fully accredited national insurer, today signed an agreement to provide trade credit insurance as part of CBI’s receivable financing services. The agreement is backed by Coface Credit Information Services, a credit management company.
Under the terms of the agreement, NGI will provide insurance protection for CBI’s trade products, such as invoice discounting and cheque discounting. This will provide CBI customers with additional levels of protection against nonpayment risks.
Mark Robinson, CEO of CBI said: "Credit insurance-backed receivable financing is an essential offering worldwide and we are delighted to partner with NGI and Coface to offer this service in UAE. Protecting our exposures with such cover will enable us to offer attractive options for financing small and mid-sized businesses in UAE. Dr. Abdul Zahra Abdullah Ali, CEO of NGI, added: "We are very excited to partner with CBI. This receivable financing model provides an innovative partnership to connect established banks with insurance protection to ease corporate cash flow management. We will leverage on the solid reinsurance capacity of our French partner Coface, as well as on the extensive credit information knowledge of Coface Emirates Services, who will provide technical assistance, including credit opinions and risk monitoring on the debtors.”
Satyajeet Roy, Head of Business Banking at CBI, said: “We continue to support businesses in UAE by being a responsible lender and offering solutions to meet market demand. Coface Emirates Services’ credit information services will not only strengthen our client selection process but also help mitigate risk.”
Massimo Falcioni, CEO of Middle East Countries at Coface Emirates Services added: “This partnership enables Coface Emirates Services to provide credit opinion and information services to CBI and NGI, allowing them to make informed decisions to react faster to customers' demands and build up a competitive advantage by providing effective credit management information services.”
PROJECT MANAGER – MARKETING & COMMUNICATION
Coface Emirates Services Limited
DIFC, Emirates Financial Towers, South Tower
7th Floor, Office # 701, P.O. Box: 506598, Dubai, UAE
Tel: +971 4 30 99 100