Abu Dhabi-based Reem Finance said on Sunday it has secured approval from the central bank to start operations which will focus on property, corporate and consumer lending.
Reem, with a paid-up capital of 400 million dirhams ($108.9 million), said it also had plans to offer Islamic finance services.
"Our future offerings will include end user mortgages where we may support or complement parallel bank finance or where we are a partner in a property development," said Chief Executive Nicholas Lehmann.
The company plans to open branches across the UAE before the end of 2008, he said.
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