Emirates Money to double branch network in 2012

2 Min | 18 December 2011

Emirates Money, a consumer finance company and wholly owned subsidiary of Emirates NBD Group, announced today that it will be doubling its branch network in the UAE, with three new branches in Dubai in 2012.

Receives approval from UAE Central Bank to set up three new branches
Emirates Money branches in country to total six reflecting company’s rapid growth
In line with company’s mission to be accessible to customers in all areas

Dubai, December 18, 2011: Emirates Money, a consumer finance company and wholly owned subsidiary of Emirates NBD Group, announced today that it will be doubling its branch network in the UAE, with three new branches in Dubai in 2012. Today’s announcement follows approval from the UAE Central Bank for the new branches, which will be inaugurated over the course of 2012, to better service Emirates Money’s rapidly growing customer base.

The new branches will be in Oud Metha, Al Ghusais and Al Mamzar, and will bring the total number of Emirates Money branches in the country to six. There are currently three existing Emirates Money branches in the UAE, including two in Dubai and one in Abu Dhabi.

Emirates Money is a wholly owned subsidiary of Emirates NBD, a leading banking group in the region. It offers consumers comprehensive loan solutions to meet their everyday financial needs. It has also been leading the recent growth in self-employed lending in the UAE with a range of innovative products.

“As part of the leading financial services group in the region, Emirates Money has done phenomenally well in expanding operations and growing its book size since inception only three years ago,” said Vikas Thapar, General Manager, Emirates Money. “This achievement is owed to its ability to keep ahead of changing customer lifestyle demands and introducing new and innovative lending concepts that correspond to those rapidly changing needs.”

Founded in mid-2008, the value of Emirates Money’s loan book has since reached AED1billion. This milestone has been achieved by continuously introducing innovative loan products, such as business loans, non-salary transfer personal loans, loans against point-of-sale receivables, commercial vehicle loans, loans against gold and, most recently introduced, loans against property.

“Having three new branches in Dubai, today’s announcement is a significant milestone,” added Thapar, “Customers in the areas serviced by these branches will be able to enjoy a more personalised customer experience and take full advantage of our branch hospitality and resources. Emirates Money has always positioned itself to be accessible to people from all income ranges and all walks of life. Today’s announcement falls in line with that mission.”

With its wide range of products, Emirates Money specializes in the areas of business loans, vehicle loans and insurance offerings, including the newly launched Loan against Property. Other Emirates Money products include the innovative Loan against Gold and Loan against POS receivables.

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