Gulf Finance has bulked up its options for SME banking services.
The company announced yesterday (July 14) that it has launched a business deposit solution for SMEs that’s aimed at providing better returns. The new business deposit initiative will enable clients to hold on to money that’s often lost in interest fees that come with deposit accounts that don’t always pay out to their full potential.
“SMEs have a wide range of financial needs on both sides of the balance sheet. There is clearly a need to maximize returns on their surplus liquidity through higher small- and medium-term deposit rates over and above what banks can offer,” David Hunt, CEO of Gulf Finance, said in a company news release. “Because of this, we are confident that our rate of interest will strike the perfect cord for such small companies that have surplus cash to deploy and want to maximize their returns.”
Gulf Finance said it will offer SMEs deposit rates of 3.25 percent per annum on three-month deposits that are valued between AED 1 and AED 5 million. For deposit accounts valued at higher than that, the rate goes up to 4.625 percent.
Gulf Finance is located in Sharjah, UAE, where it recently moved to help bulk up its small business lending programs, along with its other financial services. According to the company, it “has continued to broaden its products and services, and the Business Deposit solution is the third product to be launched in 2015.”
The company also recently launched a suite of trade finance solutions designed to help SMEs build their businesses and relationships with clients. And just last month it rebranded itself and turned its mission toward being a stronger leader in SME financing, which included a new tagline: “Small Business is our Business.”
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