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

The 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 branches in the country to six. There are currently three existing branches in the UAE, including two in Dubai and one in Abu Dhabi, a statement from the company said.

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 Dh1billion ($0.27 billion). 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, against gold and, recently introduced, and loans against property.

With its wide range of products, Emirates Money specialises in the areas of business loans, vehicle loans and insurance offerings, including the newly launched Loan against Property, the statement said.

Other Emirates Money products include the innovative Loan against Gold and Loan against POS receivables, it said. – TradeArabia News Service