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IndusInd to open representative office in Dubai
Dubai, Oct 18: The IndusInd Bank, a technology-driven Indian private-sector bank is opening its first ever overseas office in Dubai this month to strengthen NRI and international trade services.
Dubai, Oct 18: The IndusInd Bank, a technology-driven Indian private-sector bank is opening its first ever overseas office in Dubai this month to strengthen NRI and international trade services.
The move will also strengthen its Gulf-based correspondent banking network for mutually-beneficial business opportunities, Bhaskar Ghose, managing director of the bank told reporters here.
IndusInd Bank, in its tenth year of operations, has already firmly established itself as a whole-sale bank with a balance sheet size of Rs. 9901 crores (USD 2.08 billion) and foreign exchange business turnover of Rs. 57803 crores (USD 12.17 billion). HDFC Bank was the first Indian bank to open a representative office in Dubai followed by ICICI Bank, India's second largest bank. The largest bank, the State Bank of India and Canara Bank were also planning to open representative offices here. Bank of Baroda is the only Indian bank to have full-fledged operations in the UAE.
Ghose pointed out that India now features very clearly on the investment radar-screen of international entities, given the robust growth of the Indian economy and the country's judiciously-liberal advancement towards globalisation, positioning India for a GDP growth rate of 8 per cent per annum in the coming years.
The objective of the bank's presence in Dubai is to service better its Gulf-based NRI clients and to focus on international business opportunities between the Gulf and the Indian region. The opening of our OBU will boost opportunities in the private and investment banking areas, said Ghose who was accompanied by Moses Harding, executive vice president of the bank.
Ghose said the bank will also focus on the remittances business through relationships with exchange houses based in the gulf and firm up tie-ups with selected local banks for creating cross-border assets and liabilities for mutually-beneficial business growth. The bank also plans to open its London office soon to spread its service network to Europe.
"The IndusInd Bank has now extended its operations to the retail segment as well, so as to broad-base its asset portfolio and to attract low-cost deposits. In this effort, the bank plans to expand its branch network to 100 from the current level of 56," he said. Bureau Report
IndusInd Bank, in its tenth year of operations, has already firmly established itself as a whole-sale bank with a balance sheet size of Rs. 9901 crores (USD 2.08 billion) and foreign exchange business turnover of Rs. 57803 crores (USD 12.17 billion). HDFC Bank was the first Indian bank to open a representative office in Dubai followed by ICICI Bank, India's second largest bank. The largest bank, the State Bank of India and Canara Bank were also planning to open representative offices here. Bank of Baroda is the only Indian bank to have full-fledged operations in the UAE.
Ghose pointed out that India now features very clearly on the investment radar-screen of international entities, given the robust growth of the Indian economy and the country's judiciously-liberal advancement towards globalisation, positioning India for a GDP growth rate of 8 per cent per annum in the coming years.
The objective of the bank's presence in Dubai is to service better its Gulf-based NRI clients and to focus on international business opportunities between the Gulf and the Indian region. The opening of our OBU will boost opportunities in the private and investment banking areas, said Ghose who was accompanied by Moses Harding, executive vice president of the bank.
Ghose said the bank will also focus on the remittances business through relationships with exchange houses based in the gulf and firm up tie-ups with selected local banks for creating cross-border assets and liabilities for mutually-beneficial business growth. The bank also plans to open its London office soon to spread its service network to Europe.
"The IndusInd Bank has now extended its operations to the retail segment as well, so as to broad-base its asset portfolio and to attract low-cost deposits. In this effort, the bank plans to expand its branch network to 100 from the current level of 56," he said. Bureau Report