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Discuss this article (1 Comments)Bank warns action over mortgage lending claims
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 27 August 2009
BANK ROW: Abu Dhabi Commercial Bank is threatening action over a report published by REIDIN, the market research company. (ITP Images)
Abu Dhabi Commercial Bank (ADCB) has threatened to sue market research company REIDIN after it overstated the value of mortgages extended by the bank.
In a report published on its website on Monday and quoted by several news outlets, the company said ADCB issued mortgages worth AED1.86bn ($506m) from 91 applications in the second quarter.
That figure may have included transactions that were up to three years old, but which hadn’t been registered with the Dubai Land Department until recently.
Related: Dubai mortgages top $2.17bn in Q2
Related: Assessing the mortgage market
“The statements in these articles regarding ADCB are not only incorrect, but are misleading and, in the context of current market conditions, damaging to the reputation of ADCB,” the bank said in a letter to the company.
“We therefore demand that you publish an immediate correction and clarification, with suitable prominence, on your website. If you do not do so, ADCB will take all steps, and seek all remedies, available to protect its reputation.”
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ADCB
Posted by duckman, dubai, UAE on Saturday 29 August 2009 at 13:17 UAE time
one does not throw with stones while sitting in a house of glass !!!!
Please read your own "Open Doors" Mortgage magazine of ADCB. In your customer testimonial on page 26 the lady states that: "If there is a cut in the Central Bank's interest rate then that's passed on to me automatically. I do not have to call up and ask for it"
I am a mortgage holder with ADCB for the past 2 years and even though the Central Bank has reduced their rates several times over the past year, my rates have in fact increased by one percent.
Maybe I should "take steps and seek all remedies to protect my finances"
Posted by duckman, dubai, UAE on Saturday 29 August 2009 at 13:17 UAE time
one does not throw with stones while sitting in a house of glass !!!!
Please read your own "Open Doors" Mortgage magazine of ADCB. In your customer testimonial on page 26 the lady states that: "If there is a cut in the Central Bank's interest rate then that's passed on to me automatically. I do not have to call up and ask for it"
I am a mortgage holder with ADCB for the past 2 years and even though the Central Bank has reduced their rates several times over the past year, my rates have in fact increased by one percent.
Maybe I should "take steps and seek all remedies to protect my finances"
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