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Dubai: Emirates NBD, the largest bank in the region in terms of assets, has received the central bank nod to start a consumer finance company under the name of Emirates Money Consumer Finance.
The licence will allow Emirates Money to commence operation within the UAE with immediate effect.
"Emirates Money will redefine the consumer finance market in the region," said Jamal Bin Galita, chairman of the Emirates Money Board of Directors and general manager of consumer banking and wealth management at Emirates NBD.
"We are in the process of launching a range of loan products under the Emirates Money name that we know, through indepth consumer research, will meet a current gap in the market."
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 a full-scale launch, Emirates Money has appointed a board comprising 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.
"From a group perspective, establishing a consumer finance company is central to the vision of Emirates NBD to be recognised as the leading and most dynamic financial services provider based in the Middle East," said Galita.
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