CBD launches factoring services
The Commercial Bank of Dubai (CBD) is teaming up with Coface’s Middle East business to expand its trade-related portfolio by offering factoring services.
The CBD will offer both non- and full- recourse factoring to corporate and commercial clients.
Under the terms of the agreement, Coface Emirates Services will provide back office factoring services to CBD.
“We are pleased to launch CBD factoring services in partnership with Coface Emirates Services,” says Faisal Galadari, general manager, business group of CBD.
“This will enable us to provide best-in-class asset-based receivable financing services for our corporate and commercial clients. Debtor monitoring will be entrusted to Coface Emirates services.”
The factoring services partnership business model has been a success for Coface; the firm has started a similar affiliation in West Africa and has experience in a number of OECD countries.
“We at Coface are excited to partner with CBD,” says David Venediger.
“Our factoring services model provides an innovative partnership to connect established banks with Coface’s back-office expertise in factoring.”
Reader Comments