Dubai, May 5: The fourth largest Indian bank by market capitalisation Axis Bank, formerly UTI Bank, has opened its first representative office in the UAE in Dubai. The Dubai office is part of the bank's strategic expansion plan focused on Asia. According to the Bank's Chairman and CEO to P J Nayak, the UAE has become a very important market for Axis Bank during the past few years and the Dubai office will mainly promote the bank's retail non-resident Indian (NRI) products and services.
In addition to retail banking offerings, the bank offers mortgage products, insurance, mutual funds and online trading in Indian stocks. The bank also offers offshore wealth management and private banking solutions in association with Luxemburg based Rothschild.
Currently, the bank has presence in Qatar through an alliance with Doha Bank. In the UAE it has marketing arrangements with Abu Dhabi Commercial Bank and RAKBank. In other GCC countries, Axis Bank is exploring strategic alliances with banks and exchange houses.
Though many Indian banks have representative offices in the UAE, only Bank of Baroda has been allowed by the Central Bank, UAE to offer full fledged retail services.