UAE's Emirates NBD secures RBI approval to open two new branches in India

Emirates NBD's total assets as of June 30, 2021 stood at $187bln

  
FILE PHOTO: Emirates NBD bank is seen in Mall of Emirates in Dubai, United Arab Emirates, December 30, 2018. Image for illustrative purposes.

FILE PHOTO: Emirates NBD bank is seen in Mall of Emirates in Dubai, United Arab Emirates, December 30, 2018. Image for illustrative purposes.

REUTERS/ Hamad I Mohammed

The Reserve Bank of India (RBI) has granted permission to UAE-based Emirates NBD to open two more branches in India.

"The bank will open a full-service branch in Gurugram and Chennai to cater to both the northern and southern markets of India," Emirates NBD said in a statement.

Emirates NBD inaugurated its first full-fledged branch in Mumbai in 2017, marking the sixth country where Emirates NBD has in-shore presence after UAE, Saudi Arabia, Egypt, Singapore, and the UK.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD said: "In addition to a shared economic vision and compatible regional outlooks, the UAE and India are each other’s largest trading partners, positioning Emirates NBD as the only UAE-based bank with physical presence across all of India’s important trade corridors across the MENAT region and through to Asia and the UK.”

Emirates NBD's total assets as of June 30, 2021 stood at AED 694 billion ($187 billion).

Its branches in India will offer a range of services to corporate, SME and institutional clients including trade finance, treasury services, bilateral and syndicated loans in addition to supporting NRI (non-resident Indian) customers looking for cross-border wealth management solutions.

(Writing by Seban Scaria; editing by Daniel Luiz)

 seban.scaria@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021


More From Financial Services