| 20 Jul 2008 |
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Emirates Money given licence to redefine consumer finance in the UAE
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Dubai, UAE, 20 July 2008: Emirates NBDEmirates NBD
has been given the green light by the Central Bank of the United Arab EmiratesCentral Bank of the United Arab Emirates to launch a new consumer finance company under the name of Emirates Money Consumer Finance LLC. The licence will allow Emirates Money to commence operation within the Emirates with immediate effect."Emirates Money will redefine the consumer finance market in the region," said Jamal Bin Ghalaita, Chairman of the Board for Emirates Money and General Manager of Consumer Banking and Wealth Management for Emirates NBDEmirates NBD. "Over the coming weeks and months, we'll be launching a range of loan products under the Emirates Money name that we know, through in depth consumer research, will meet a current gap in the market."
"From a group perspective, establishing a consumer finance company is central to the vision of Emirates NBDEmirates NBD to be recognized as the leading and most dynamic financial services provider based in the Middle East," continued Ghalaita.
Following the Central Bank's announcement, Emirates Money convened its first meeting of the Board of Directors to define and roll out the strategy for the company.
To advise the fledgling company as it prepares for full scale launch, Emirates Money has appointed a Board comprised of some of the top names in innovative finance. Retail bankers, legal experts, and IT specialists have all been brought in to offer guidance to the company.
Quickly getting to the business at hand during their first meeting, the Board studied and approved the plans that the company has laid out for its expansion into the market over the next three to five years.
"The goal is to establish a company that will meet a current need in the market, offer better quality and more innovative products and services to our customers, and maintain the highest level of transparency in our approach and procedures. I believe we're on to a winning formula," said Ghalaita.
-Ends-
About Emirates NBD
Emirates NBDEmirates NBD (DFM: ENBD) is the biggest banking group in the Middle East by assets and the biggest banking group in the UAE by market capitalization. The Group has a leading retail banking franchise in the UAE, with over 110 branches and over 474 ATMs. It is a major player in the UAE corporate banking arena, with a combined market share of almost a fifth of corporate loans. It also has strong Islamic banking, investment banking, private banking, asset management and brokerage operations. The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Singapore.
For more press information please contact:
Zeina El Haj
Head of Marketing,
Communication & Events
For Consumer Banking & Wealth Management
Emirates NBD
Tel: 04-209-2669
Fax: 04-225-0866
Email: ZeinaH@emiratesbank.ae
Nathan Wilson
Consultant
Impact Porter Novelli
T: 050-956-1065
F:04-330-4031
Email: n.wilson@ipn.ae
© Press Release 2008
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