Dear Friends,

We are pleased to announce the launch of the new Consumer Finance Business of our group today. The Consumer Finance Business will present product offerings in the form of secured and unsecured consumer loan products which will be supported by repayment channels such as direct debit and post-dated cheque systems.

Speaking on the occasion, Mr Rick Pudner, CEO, Emirates NBD said, "Emirates NBD continues to spread its wings and grow in every direction.  The launch of the Consumer Finance Business is a significant introduction to our group, which will inevitably grow our loan business.  This launch symbolizes our drive to become the UAE's leading bank, offering the most diverse business offerings and hence, absolute banking solutions." 

Mr Jamal Bin Ghalaita, General Manager, Consumer Banking and Wealth Management, Emirates Bank said, "Our newly launched Consumer Finance Business is very consumer-driven and is designed to offer each and everyone of our diverse customer base a loan solution which best suits their needs.  We are very confident that this department will prove to be an enormous success for the bank as well as for our ever-growing clientele."

The Consumer Finance Business is built on a strong relationship-based lending model which prioritizes the needs of its customers through the provision of easy, fast and flexible loans with minimum documentation. We will offer a range of both personal loan and product finance schemes targeted at all segments of the market.

Our product finance business, through our network of partner dealers, will provide instalment based asset-backed term loans for purchase of specified consumer durables like furniture, home appliances and electronics.

The personal loan business will provide loans to both salaried and self-employed individuals, of amounts up to AED 250,000 with no salary transfer required.

Going forward, our dedicated branches and dedicated representatives will grant customers with much-needed loans in less than an hour, with the minimum of formalities.

Finally, I take this opportunity to thank all those who have been involved in the formation of this new business venture. We sincerely hope that we can continue to count on your support in making this venture a great success.

Reported by: Zeina El-Haj,Head of Marketing, PR, Event & Sponsorship,Retail Banking, Consumer Finance & Wealth Management,Emirates NBD
Reported on: 29.01.2008