Dubai: Emirates NBD, a leading bank in the region has announced the launch of a new VAT-based enhanced loan solution for small and medium-sized enterprise (SME) customers.
The new loan program makes it easier for SMEs to apply for financing by providing copies of their VAT (Value Added Tax) returns filed with the UAE’s Federal Tax Authority to serve as validation of business turnover and income.
Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management, Emirates NBD said, “Emirates NBD’s VAT-based loan offering symbolises our commitment to the UAE’s small and medium businesses and supports the objective of Expo 2020 Dubai to foster growth of the SME sector.”
The new program will cover home loan, auto loan and business loan products. Emirates NBD is the leading SME bank in the country offering a wide range of services comprising transaction banking, cash management, payments, lending propositions, guarantees as well as FX and investment products. Emirates NBD is also the Official Banking Partner of Expo 2020 Dubai.
About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 30th September 2018, total assets were AED 492.6 Billion, (equivalent to approx. USD 134 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 227 branches and 1058 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China and Indonesia.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is an Official Premier Partner of Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
For further information on Emirates NBD, please contact:
© Press Release 2019
Senior Vice President
Head - Group Corporate Affairs
Telephone: +971 4 609 4113 / +971 50 6538937
asda’a bcw; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040