One of India’s leading banks this month opened its fi rst overseas branch in Dubai.
IDBI, which will provide a full range of corporate banking services, including fi nancial advice and syndication of credit, has received a licence from the Dubai Financial Services Authority to operate from Dubai International Financial Centre (DIFC).
“Th e setting up of the offi ces of leading Indian fi nancial institutions such as IDBI prepares the ground fro deeper ties between the fi nancial sectors of both countries,” said DIFC governor Ahmed humaid Al Tayer.
As India’s leading provider of project and infrastructure fi nancing, IDBI plans to foster greater trade and cross-border capital fl ows between India and the MEnA region.
“It is a testimony to the global importance of Dubai that IDBI Bank has now opened its fi rst overseas branch at the DIFC,” said Indian Minister of State for Finance namo narain Meena.
He added, “In India, IDBI Bank has been a forerunner in the area of industrial fi nancing and has, therefore, played a pivotal role in fi nancing, developing and nurturing the industrial and fi nancial architecture in India. It is a testimony to the global importance of Dubai that IDBI Bank has now opened its fi rst overseas branch at the DIFC. Apart from the fact that Dubai is a signifi cant fi nancial and trade hub, DIFC provides the right platform to IDBI Bank to commence its overseas banking endeavours.”
B.P. Singh, deputy managing director, IDBI Bank, said, “Our decision to establish an offi ce in DIFC refl ects our strong belief in the vast growth potential of the GCC region. Apart from being a hub for the bank’s regional operations, the Dubai offi ce will also serve as IDBI Bank’s nodal point for raising foreign currency resources from the US and European markets in addition to the Asian markets.”