Dubai, UAE: Etihad Credit Insurance (ECI), the UAE Federal Export Credit company, has signed a Memorandum of Understanding (MoU) with HSBC to help UAE businesses and exporters access global markets, which will give them a platform for sustainable growth and development over the long-term.
The MoU was signed by Massimo Falcioni, CEO of Etihad Credit Insurance, and Abdulfattah Sharaf, Chief Executive Officer, UAE and Head of International, HSBC, in the presence of senior officials from the two institutions.
The collaboration between ECI and HSBC underlines ECI’s mandate to manage risks associated with trade expansions regionally and internationally by offering a broad range of trade export finance and insurance solutions to UAE businesses in exploring new marketplaces. This partnership will bring focus on areas that include trade credit insurance tools; corporate financing; a broad range of financing solutions; bond support; exchange of industry trends and market insight; Letters of Credit Confirmations; and insightful workshops and forums, among others.
Massimo Falcioni, CEO, ECI said: “ECI has a well-defined objective to contribute to the sustainable growth and development of the country’s non-oil sectors and enhance the export reach of UAE goods and services. Equipped with cutting-edge industry knowledge, and tailored solutions, we are on the constant lookout for opportunities, that will offer greater scope for UAE businesses in consolidating their presence regionally and internationally. Our collaboration with HSBC is a pivotal step in the banking sector as it offers a secure, transparent, and efficient platform for UAE-based businesses to grow and expand.”
Abdulfattah Sharaf, Group General Manager, Chief Executive Officer, UAE and Head of International, HSBC Bank Middle East Limited, said: “The UAE is the Middle East’s leading international trading hub and we see huge potential here, just as we did 73 years ago when we opened the country’s very first bank. We have supported the UAE’s economic development ever since and, as the world’s leading international bank, we look forward to working closely with ECI to help UAE exporters reach more customers around the world.”
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.
For media inquiries, please contact:
Abeer Al Mutawa
Director Marketing & Communications
Etihad Credit Insurance
+971 4 245 4445
abeer.almutawa@eci.gov.ae
Sonal Salvi
PR Manager
New Perspective Media
+971 58 206 9825/ +971 4 244 9642
sonal@newperspectivemedia.com
HSBC in the MENAT region
HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Turkey (MENAT), with a presence in 9 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Turkey, Qatar, Oman, Bahrain, Kuwait and Algeria. In Saudi Arabia, HSBC is a 29.2% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.
This presence, the widest reach of any international bank in the region, comprises some 350 offices and around 10,500 employees. In the year ending 31st December 2018, HSBC in the MENAT region made a reported profit before tax of US$ 1,557m.
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