Emirates NBD partners with RTA to test online vehicle mortgage release service

Press release

Published February 18th, 2013 - 09:52 GMT

Al Bawaba

Emirates NBD, a leading bank in the region, announced today that it had entered into a partnership with Roads and Transport Authority (RTA) Dubai, to test the new online Vehicle Mortgage Release service.

Vehicle owners with auto loans from Emirates NBD can now apply via the bank’sbranches and call centre for a vehicle mortgage release from the bank. The bank in turn would release the vehicle mortgage online to RTA, thereby reducing the time taken to release the vehicle mortgage and significantly improving customer convenience. There is no need for the customer to visit the Bank for collection of physical vehicle mortgage release letter.

“Customer convenience is an important driving factor at Emirates NBD, and we are always on the lookout to partner with like-minded organisations to ease business procedures for our customers,” said Suvo Sarkar, General Manager, Retail Banking, Emirates NBD. “With auto loans constituting a significant part of our retail business, the volume of customer traffic can be quite high at our physical branches. The new online service in co-operation with RTA will considerably reduce the turnaround time for customers in getting their vehicle mortgage release letters.”

As per the existing process, customers,who wish to clear the mortgage component from their auto registrations, are required to physically obtain a vehicle mortgage release letter from their financing bank, which then has to be submitted to the RTA.

“We are pleased to sign the partnership agreement with Emirates NBD, one of the largest local financial services providers in the region, to test our new online vehicle mortgage release service,” said Ahmed Hashem Bahrozyan, Chief Executive Officer - Licensing Agency, RTA. “This partnership will enable us to reach out to Emirates NBD auto loan customers to offer them a speedy and more accurate service, which is also environmentally friendly since it eliminates considerable paperwork.”

The new partnership with RTAwill alsoenable Emirates NBD to release vehicle mortgage for its auto loan clients directly from the RTA website, without having to issue a physical vehicle mortgage release letter.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.

Company Profile

Roads and Transport Authority

Providing an advanced transport network for the people of Dubai was among the top priorities on the government’s agenda, a goal reflected by the initiatives to enhance the public transport facilities and improve roads across the emirate to make travel safer and smoother, thus the founding of The Roads and Transport Authority by the Decree No. 17 of 2005.

RTA plans and provides the requirements of transport, roads and traffic in Dubai, and between Dubai and other Emirates of the UAE and neighboring countries, in order to provide an effective and integrated transport system to achieve Dubai's vision and serve its vital interests.