IDBI opens branch in Dubai

Dubai (UAE),June 3 (ANI-Business Wire India): IDBI Bank one of India's leading banks, majority owned by Government of India, has received a license from the Dubai Financial Services Authority (DFSA) to provide a full range of corporate banking services including financial advisory services and syndication of credit from the Dubai International Financial Centre (DIFC).

IDBI Bank's DIFC office will meet the corporate financing needs not only of its Indian clientele but also of clients in the Middle East.

IDBI Bank is India's leading provider of project and infrastructure financing. It is the second largest syndicator of loans in India and 4th largest in Asia-Pacific. IDBI Bank aims to foster greater trade and cross-border capital flows between India and Middle East region through its DIFC branch.

Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre said: "By strengthening financial and capital market linkages, India and the UAE have the opportunity to add a vital new dimension to their already strong economic relationship. The setting up of the offices of leading Indian financial institutions like IDBI in DIFC prepares the ground for deeper ties between the financial services sectors of both countries. As a global financial hub that is rising in prominence, DIFC provides a strategic base for Indian financial institutions to tap new promising markets in the region."

India's Minister of State for Finance Namo Narain Meena said: "In India, IDBI Bank has been a forerunner in the area of industrial financing and has therefore played a pivotal role in financing, developing and nurturing the industrial and financial architecture in India. It is a testimony to the global importance of Dubai that IDBI Bank has now opened its first overseas branch at the DIFC. Apart from the fact that Dubai is a significant financial and trade hub, DIFC provides the right platform to IDBI Bank to commence its overseas banking endeavors."

B.P. Singh, Deputy Managing Director, IDBI Bank said: "Our decision to establish an office in DIFC reflects our strong belief in the vast growth potential of GCC region. Apart from being a hub for the Bank's regional operations, the Dubai office will also serve as IDBI Bank's nodal point for raising foreign currency resources from the US and European markets in addition to the Asian markets." (ANI)