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Emirates NBD, Dubai’s biggest lender, said it has closed Emirates Money, its subsidiary specializing in SME lending and personal finance, as part of new cost-cutting measures.
Under the plan, Emirates Money’s SME portfolio will be integrated into Emirates NBD and existing SME customers will be served through the business banking unit.
“As part of our ongoing business review to enhance overall cost and operational efficiencies, we have decided to integrate Emirates Money into Emirates NBD,” a spokesperson for the bank said in a statement to Argaam. “This will allow us to streamline our processes and consolidate our position as the leader in SME banking.”
More than 100 Emirates Money staff have been laid off as a result, Middle East Economic Digest (MEED) reported on Tuesday, citing an unnamed source with knowledge of the matter. Emirates NBD reportedly retained the remaining staff and transferred them to various businesses lines, the source added.
Emirates Money, which was set up in 2008, provided a wide range of financing solutions including small business and personal loans, as well as credit cards, mortgages and insurance products.
Earlier this month, MEED reported that Emirates NBD’s Shariah-compliant arm, Emirates Islamic (EI) had slashed about 200 jobs under new restructuring efforts.
The news comes after several other local and international banks announced layoffs in recent months, including: Abu Dhabi-listed RAKBank, First Gulf Bank (FGB), HSBC, Barclays Standard Chartered, and BNP Paribas.
Write to Joumana Saad at joumana.saad@argaamplus.com
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