IDBI Bank has started its first overseas branch at the Dubai International Financial Centre (DIFC), to offer corporate banking services, including financial advisory and syndication of credit.
The branch was opened by Union Minister of State for Finance Namo Narain along with IDBI Bank’s Deputy MD B P Singh and other dignitaries.
The aim is to fulfill the corporate financing requirements of the large Indian clientele but also clients in the Middle-East.
With its DIFC branch, IDBI Bank plans to boost trade and cross-border capital flows between India and the Middle-East, the statement from the bank said.
IDBI Bank’s Deputy MD B P Singh said, “Our branch at the DIFC seeks to integrate the business interest of the Indian and UAE business communities. Dubai and DIFC provide us with the ideal strategic base to launch our international operations because of its conducive business environment, supportive regulatory framework and excellent infrastructure.”
The DIFC branch would also act as IDBI Bank’s central point for generating foreign currency resources from the US and European markets along with the Asian markets, he said.
IDBI is also planning to increase its exposure to home loans.
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