Federal Bank to open Representative office in UAE

Kochi, Jun 19 (UNI) Kerala-based Federal Bank Limited has received approval from the Central Bank of UAE to open its representative office in the UAE.

A release from the bank said here today that Federal Bank would be the first Indian Bank to establish such an office in Abu Dhabi, capital of the UAE.

The office would help the Bank to offer more personalised service to four lakh customers in the emirates and other Gulf countries.

The office will also be a gateway of the bank in the Gulf and act as an interface between banks' existing clients and offices in India.

The Bank has remittance arrangements with 20 exchange houses and eight banks in the Gulf countries and the office would act as the nodal point for furthering business ties with them, the release added.

Federal Bank was also planning to set up a wholly-owned subsidiary in Dubai International Financial Centre, Federal Bank International, to cater to wholesale and investment banking.

UNI