HSBC relaxes lending criteria for UAE customers****

DUBAI, May 14 (Arabian Business.com): HSBC has made it easier for customers in the UAE to obtain credit cards, personal loans and mortgage by relaxing its lending criteria. It said it was halving the minimum salary requirement to obtain credit cards to AED7,500, adding that a salary transfer was not mandatory. For personal loans, the minimum salary requirement has also been reduced from AED15,000 to AED7,500, the bank said in a statement. It also said it was increasing its loans to value measurement on mortgages from 75 per cent to 80 per cent, while the minimum salary requirement was now AED15,000. Rick Crossman, head of Personal Financial Services, HSBC UAE, said: "The economic outlook for the UAE has been improving, along with the credit environment. While we remain a prudent lender, HSBC is committed to its customers, and understands that access to financial services needs to be convenient and affordable." He added: "Our revised lending criteria opens these products to a larger number of customers, however it is important to note that customers will be evaluated individually and on a case-by-case basis. "These changes are also fully in line with recent rulings from the UAE Central Bank regarding consumer lending in the Emirates," he said. Earlier this month, Emirates NBD said that banks must play a key role in reinvigorating the UAE's real estate sector by offering better deals on home loans. The country's biggest bank said it was time for banks to take advantage of the "huge potential for growth in home financing". Saif Al Mansoori, deputy head, group marketing, Emirates NBD, said in a statement: "There is huge potential for growth in home financing, and we believe it is vital for banks to play an important role in re-energising this sector." 3 Intel Capital invests $18m in five Indian companies NEW DELHI, May 14 (IANS): Chipmaker Intel's venture capital arm Intel Capital Friday announced an investment of $18 million in five Indian companies as part of its ongoing commitment to support technology in India. The company signed two new agreements to invest in Policybazaar.com, an online insurance-comparison site, and Sudhir Srivastava Robotics Surgery Centre (SSARSC), which provides advanced robotic surgery procedures in the country. It also signed an agreement to make three follow-on investments in online travel company yatra.com, cross-platform mobile solutions provider July Systems, and WSO2 a mobile media company. "Technology has been key to India's unprecedented development over the last few years, and our investments in these companies is proof of our ongoing commitment to nurture technology innovation in India," said Arvind Sodhani, president of Intel Capital and executive vice-president of Intel. "Our support for these companies will give them access to global resources, knowledge and expertise to assist with their own growth and success," he added. The company however did not disclose individual details of the investments done. Funding for the investments comes from the $250 million Intel Capital India Technology Fund established in December 2005. This fund invests in Indian technology companies to stimulate local technology innovation and the continued growth of India's information technology industry. While PolicyBazaar will use this fund for building brand awareness and further enhancing its technology platform, SSARSC will use the funding to launch 8-10 centres throughout India and to advance the use of robotic platforms for tele-training, tele-mentoring and tele-surgery.