ADCB and Siemens partner to launch Medical Equipment Loans in the UAE

Press release

Published February 27th, 2011 - 09:55 GMT

Al Bawaba

Abu Dhabi Commercial Bank “ADCB” and Siemens Healthcare, UAE, today announced that they have entered into a partnership agreement to launch ADCB’s ‘BusinessEdge Medical Equipment Loans’ in the UAE. The product is designed to meet the requirements of the local medical and healthcare industry, including hospitals, clinics, laboratories and pathology labs, by funding the purchase of medical imaging and therapy equipment. The product is expected to focus largely on the small and mid sized clinics and practitioners.

The partnership between ADCB’s SME (Small Medium Enterprises) division and Siemens Healthcare LLC has been established to ensure that SME customers from the healthcare industry have easy access to flexible and customized finance options in purchasing the equipment they need to start up or further develop their business. The partnership will entail combined efforts for promotions and holding various events throughout the year.

ADCB has been constantly focusing on growing and supporting the SME segment in the region by offering a complete suite of products specifically designed to fit the requirements of SMEs.

Nilanjan Ray, Head – SME Banking, ADCB said: “The ADCB BusinessEdge Medical Equipment Loan is yet another step in our efforts to offer customers flexible and customized products and services. The alliance with Siemens will result in a focused and tailored financial product proposition, combining the financial expertise of ADCB’s SME division with industry leadership and knowledge from Siemens, greatly benefitting customers.”

“Siemens focuses on providing the regional healthcare industry with affordable leading edge technology and local expertise,” says Maurice Faber, vice president for Healthcare at Siemens LLC. “This partnership will allow access to the latest imaging, diagnostic and therapeutic technology to a much wider set of providers and in turn, the patients.”

Background Information

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.

Company Profile

Siemens

Siemens is a global powerhouse focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of systems for power generation and transmission as well as medical diagnosis. In infrastructure and industry solutions the company plays a pioneering role.