DOHA: Commercial Bank International (CBI) and National General Insurance Co (NGI), a fully-accredited national insurer, yesterday signed an agreement to provide trade credit insurance as part of CBI’s receivable financing services. The agreement is backed by CofaceCredit Information Services (Coface).
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 non-payment 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 here in the UAE. Protecting our exposures with such cover enables us to offer attractive financing options for small and mid-sized businesses in UAE.”
Dr Abdul Zahra Abdullah Ali, CEO of NGI, said: “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 RE, 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 the 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, said: “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.”
The Peninsula
