When news of the merger between NBD and Emirates Bank first surfaced, I was baffled by it. Having never dealt with Emirates Bank, I only know that they are aggressive with their loans/facilities/etc. I also have dealt with NBD and know how conservative they are. It seems like a merger between the most aggressive and the most conservative. What could possibly be the outcome?
My company account has been with NBD (still is). They have provided us with absolutely no facilities. We have requested them at some point and were denied. The impression I was left with was simple: If you are not a UAE national, we are not going to give you any money. We further inquired to find that you have to have been established and profitable for a minimum of three years, etc. Quite simply not the bank for a start-up.
An NBD staffer told me point blank that national banks generally will not give you money and I am better off talking to one of the international banks (Standard Chartered, Citibank, etc.) I left with that plan in my mind.
Luckily I am not in need for loans or facilities today. I was only contemplating buying out one of the competitors and thought that a bank could assist. That plan was shelved. I have recently opened an account with an international bank. However, I am keeping the NBD account to see what would come out with Emirates NBD's merger. Maybe they will be more of a bank than a chest of money under the bed.
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NBD wouldn't give me a personal carloan. "Your company is not on our approved companies list".
So how do we get it on the list?
"You need to have at least fifty employees. But even then it takes years."
Yes, they are ridiculously conservative. This is primarily why I am switching the company account away from them. On a personal level, I have closed my account with them (long story, short version: incompetence).
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