By Soren Billing
Emirates Money to offer loans to individuals and small and medium sized businesses.
Emirates NBD on Monday launched a new consumer finance company that will offer loans to individuals and small and medium sized businesses.
The lender, the Gulf's largest by assets, said Emirates Money Consumer Finance will initially provide non-salary transfer personal loans, business loans and loans for commercial vehicles and construction equipment.
Emirates Money will start operations in Dubai, Abu Dhabi and Sharjah this year, with plans to expand into other parts of the UAE next year, it said.
Emirates Money chairman Jamal bin Ghalaita said in a statement the company will make it easier for individuals and small and medium sized companies to obtain loans.