Emirates NBD has launched a non-bank lending unit to target consumers that traditional banking overlooks -- such as self-employed workers -- and plans to operate the new unit across the GCC. Emirates Money, the consumer finance unit of the company, would be more "flexible" with consumers than traditional banks, according to Jamal bin Ghalaita, general manager of consumer banking and wealth management at Emirates NBD. Already the region's largest bank by asset, Emirates NBD has ambitions of being GCC's most recognised bank and Mr Ghalaita said that launching Emirates Money served that goal because as a non-bank business it would face less stringent regulations when entering other countries. While launching a new lending unit seemingly runs contrary to the current credit crisis, Mr Ghalaita said that the UAE Government wanted banks to continue financing to keep economic growth fuelled. "I know everyone is concerned with what's happening in the economy now but we believe in our Government's initiatives and we know that our Government wants us to keep lending," he said. Emirates Money will initially offer personal loans to consumers who are not salaried, such as self-employed people, to small and medium-sized businesses and loans for commercial vehicles and construction equipment. The unit's services and products would complement those offered by its parent company, Mr Ghalaita said. Vikas Thapar, general manager of Emirates Money, said the unit planned to lend as much as Dh1 billion (US$272 million) by next year. It has applied to the Central Bank to open customer service centres in Abu Dhabi, Dubai and Sharjah, with plans to open branches across all emirates eventually. Mr Ghalaita insisted that despite its easier financing qualification terms, Emirates Money would not be a "subprime" lender. He said the unit would, for instance, take into account how long a client business has been operating. In the US and UK, consumer finance units have been set up by non-financial companies such as General Electric to enter the lending business. Consumer finance business arms typically issue co-branded credit cards with retailers or finance of cars and businesses and they typically target consumers who do not qualify for financing from conventional financial services companies. About a dozen consumer finance companies operate in the emirates. Emirates NBD had been working on starting Emirates Money for two years. The bank, which became the region's largest financial services company after last year's merger of Emirates and National Bank of Dubai, also owns Emirates Islamic bank, a separate business unit that offers Shariah-compliant products. mjalili@thenational.ae