Emirates NBD eyes consumer finance market
Dubai, November 28, 2007
Emirates NBD is seriously considering a foray into the consumer finance market.
The company has chalked out a detailed strategic plan to cater to the rapidly expanding consumer finance market by offering a series of products and services designed to ease the everyday financial needs and cater to a completely new set of customers.
The company has identified the ever-increasing demand for innovative loan products for the long, medium and short-term, among the fast growing resident population of the Middle East, as the next big opportunity for its growth.
“There are many customers in the Middle East region who find it difficult to avail loans through the regular banking channels. We feel there is tremendous opportunity to tap into this particular segment of the market and offer them the services they need at competitive rates,” said head of consumer banking and wealth management, Emirates Bank, Jamal bin Ghalaita.
“For this, we have brought on board, Vikas Thapar who has more than 12 years of experience in the consumer finance industry and has worked with Citigroup in India and Indonesia. Vikas will play a key role in the bank’s foray into the consumer finance business,” he added.
Making retail banking easier and enhancing their product offering are underlying themes in all Emirates NBD ventures and the new venture would be no different. The bank’s interest into the business comes after an extensive study of the consumer finance market and the resulting need for an institution of this nature. – TradeArabia News Service
More Finance & Capital Market Stories
- PiSlice, du partner to encourage micro-lending
- Bank Alkhair swings to $4.7m profit
- BMI launches new personal loan promotion
- Experts shed light on key Fatca legislation
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc