Dubai, Apr 2 (UNI) India's IndusInd Bank and the Abu Dhabi-based Union National Bank (UNB) have announced a strategic alliance that would cover a wide range of banking services.
These would cover deposit accounts, remittance business, loans, wealth management advisory, distribution of third-party products, trade finance, global banking, and investment banking including corporate finance, a statement said.
Through the alliance, both banks will focus primarily on the business opportunities generated by Non-Resident Indians in the UAE.
UNB and IBL will treat each other as preferred partners with reciprocity of business and promotion of each other's banking services.
CEO of Union National Bank Mohammed Nasr Abdeen said this strategic alliance is expected to improve the overall quality of service being offered to Non-Resident Indians in the UAE, by leveraging innovative products and services in retail banking, trade finance, treasury and investment banking.
Managing Director of IndusInd Bank Bhaskar Ghose said his bank has a special relationship with the UAE, as it was conceived and founded by a group of non-resident Indians, many of them from this region.
"We expect to capitalise on our ties with our UAE-based stakeholders in order to generate local business for UNB and India-bound business for ourselves," he said.
UNI XC MP HT1540