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