Emirates NBD has successfully exported its small and medium-sized business banking operations from the UAE to its other core markets of Saudi Arabia and Egypt, creating a regional SME banking champion.
Its group head of business banking is Rohit Garg.
This is demonstrated across many areas of its conventional and Islamic banking businesses, which incorporate an innovative range of products supported by operational infrastructure that ensures the process of banking for SMEs is as efficient as possible.
This starts at the beginning, where new SME customers can be digitally onboarded via the bank’s E20 mobile app, providing them with a business account within 10 minutes.
Last year, the bank opened over 7,000 new business accounts for new SMEs and startups, and provided over $1 billion-equivalent in funding to support working capital, operational and capital expenditure needs.
Overall lending to SMEs rose 43% compared with the previous 12 months, helping to deliver an 88% lift in SME banking revenue and impressive growth of 105% in net profit versus 2022.
Contributing