Indians get new UAE bank service

by Safura Rahimi Wednesday, 04 April 2007

Abu Dhabi Commercial Bank (ADCB) has linked up with India's UTI Bank to offer a new service to non-resident Indians (NRIs), according to a WAM report today.

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The service - expected to be launched shortly - is set to cater to NRIs who have specific UAE and Indian banking needs. Its main feature is that it will allow instant online rupee money transfers from an ADCB dirham account to a UTI Bank account.
Abu Dhabi Commercial Bank CEO Eirvin Knox recently signed the agreement with Vinod George, president of International Banking at UTI Bank, India's first new generation private sector bank.

ADCB last month said it was considering acquisitions in Egypt and India to compete internationally and to 'be bigger', according to a Gulf Times report. Saeed al-Hajeri, the bank's chairman said that lending to India may exceed AED1 billion.

The bank also gave details on Sunday of its $1.5 billion five-year loan, the biggest syndicated loan for a Middle Eastern bank to date.



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