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Mashreq Bank and Emirates NBD are investing in NewBridge Fintech Solutions
Two major banks in the UAE, Emirates NBD and Mashreq Bank, have invested in NewBridge Fintech Solutions, the company that owns a loan platform called LoanBook. The amount they invested has not been revealed.
LoanBook
- This investment will help NewBridge’s plan to digitize the syndicated loan and private credit markets. It will also allow NewBridge to work together with two banks and a fintech company to solve problems in this area, according to Sid Bhandari, Founder and CEO of NewBridge Fintech.
- Bhandari said that LoanBook will use advanced technology to bring new ideas and changes to both local and global markets.
- He also mentioned that NewBridge’s partnership with two of the largest lenders in the region will help the company grow, get the resources it needs, and expand its reach in the market.
- Chiradeep Deb, the global head of Investment Banking at Mashreq Bank, said the bank will collaborate with NewBridge and Emirates NBD to create and sell solutions across the larger Europe, Middle East, and Africa (EMEA) markets to update the syndicated loans sector.
Crucial quote
“Our Corporate Venture Fund’s goal is to find and support important FinTech and Tech projects,” said Neeraj Makin, head of strategy, analytics, and venture capital at Emirates NBD Group.
“By investing in innovative platforms like LoanBook, we want to make the loan syndication process faster and easier. Our bigger goal is to promote technology improvements that improve our work and the global loan market,” he added.
Financial Performance
Emirates NBD’s net profit increased by 8.5% year-on-year, reaching $5.2 billion (AED 19 billion) for the first nine months of 2024. This growth was mainly due to higher interest income, as the bank benefited from regional economic growth and strong consumer confidence.
The bank also saw a 6.7% rise in its net interest income, which reached $6.5 billion (AED 23.8 billion) during the first nine months of 2024, up from $6.1 billion (AED 22.3 billion) during the same period last year, according to its earnings report in October.
Mashreq Bank’s pre-tax profit for the first nine months of 2024 grew by 9% year-on-year, reaching $1.8 billion (AED 6.5 billion). Its net interest income increased by 13% compared to the same period last year, according to its financial statement in October.
Published: 27th November 2024
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