Latest news with #BusinessRewards
Hi Dubai
01-05-2025
- Business
- Hi Dubai
Emirates and American Express Middle East Sign MoU to Drive SME Support Across MENA
Emirates and American Express Middle East have signed a Memorandum of Understanding (MoU) to strengthen their collaboration and deliver new business-focused benefits to small and medium-sized enterprises (SMEs) across select countries in the Middle East and North Africa. The agreement, signed at Arabian Travel Market (ATM), sets the stage for both companies to develop tailored offerings that address the specific needs of SMEs. These may include innovative payment solutions, exclusive incentives for American Express Middle East Card Members enrolled in Emirates' Business Rewards program, and other value-driven initiatives. SMEs represent a significant part of the region's economic landscape, and both organisations have underscored their shared commitment to supporting this vital sector. Mazin Khoury, CEO of American Express Middle East, said the partnership aims to bring "meaningful value" to small businesses, which he described as "the pulse of the economy." Adnan Kazim, Deputy President and Chief Commercial Officer at Emirates, echoed the sentiment, highlighting the role of SMEs in driving innovation and economic growth. He noted that the collaboration will provide flexible solutions designed to meet their travel needs while supporting long-term business success. The MoU marks a strategic step for both companies as they expand their reach and impact in the region's SME ecosystem. News Source: Emirates News Agency
Yahoo
16-04-2025
- Business
- Yahoo
British SME bank Allica reports 55% profit growth in 2024
British SME challenger bank Allica has reported a 55.2% increase in profit after tax, reaching £29.8m ($39.54m) in 2024, compared with £19.2m in 2023. Marking the bank's second full year of profitability, Allica attributed the growth to its 'significant investment' in digital infrastructure, increasing revenue. In the 12 months to 31 December 2024, Allica's gross revenue rose to £292.1m from £173.9m. The bank's loan book expanded to over £3bn, while customer deposits exceeded £4bn. It issued £1.1bn in new loans across its core lending portfolio, which includes asset finance, commercial mortgages, and other offerings such as bridging and growth finance. The increase in interest income, up by £142.5m to £320.3m, was primarily due to loans and advances to customers. Allica's proprietary technology is tailored to serve established SMEs, which represent a third of the UK economy. The bank aims for a 10% market share in the SME banking sector within the next three years. This ambition is supported by the growth of its 'Business Rewards Account'. Allica said its 2024 performance was driven by the expansion of its signature offering, the Business Rewards Account – a digital business current account tailored for SMEs. The bank's expansion efforts that year also included the acquisition of bridging finance specialist Tuscan Capital. Allica Bank CEO Richard Davies said: "Alongside giving established businesses a powerful business bank account that truly rewards them and the support to help them thrive, I'm proud that Allica also advocated for established SMEs more broadly too. 'We have helped drive tangible change to Basel 3.1 to support more SME lending and have pushed to improve the business savings market with our Great British Savings Squeeze campaign. We will continue to do so in 2025, including advocating for an expansion in the Growth Guarantee Scheme for SME finance, and an increase to the FSCS limit to help businesses earn better returns on their hard-earned cash.' "British SME bank Allica reports 55% profit growth in 2024" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
