EmiratesNBD launches new consumer finance firm

Emirates Money Consumer Finance, the company launched yesterday by EmiratesNBD, will lend up to Dh1 billion to individuals and small businesses until the end of 2009, a senior executive said yesterday. « Our customer research has told us that we have a winning proposition and the new company is planning to lend up to Dh1bn until the end of 2009, » Chairman Jamal bin Ghalaita told Emirates Business. Emirates Money will initially offer three products – a non-salary transfer personal loan, business loans for small and medium business owners and loans for commercial vehicles and construction equipment. The company will also tailor products for trading community and other business owners, Bin Ghalaita said. « Emirates Money has been launched to cater to the financial needs of the fast-growing resident population of the Middle East. For years, many deserving customers have fallen outside the remit of regular banking channels and have often been forced to opt for long and tedious application processes and inappropriate loan products, » he said. « We are going to change that. » After setting up operations in Dubai, Abu Dhabi and Sharjah this year, Emirates Money will expand into other parts of the UAE and the Gulf next year. « It is easier for companies to expand than it is for banks, » Bin Ghalaita said. The company also plans to tie up with distributors of commercial vehicles and construction equipment, offering customers seamless financing on these products. Bin Ghalaita said the region’s financial system has adequate support from the Government after the recent financial steps taken by central banks. « Emirates Money aims to make the process of obtaining loans hassle-free and more customer-friendly than ever before, » said General Manager Vikas Thapar. « Our direct sales team, in tandem with our branch network, will ensure that an Emirates Money representative is within easy reach of anyone who wishes to apply for a loan. « Our staff have been through extensive training programmes using the robust infrastructure of the EmiratesNBD group to ensure that wherever they are located, they are ready to explain the offering, answer any questions capably and quickly handle the loan application process. » Hamed Al Sewerky business24-7.ae