Move by Emirates NBD comes as a third of its customer base is from India
Emirates NBD, Dubai's biggest bank, on Tuesday said it has started operations in India with the inauguration of its first branch in the country’s commercial centre, Mumbai.
The Mumbai branch marks the bank’s fifth international branch outside of its UAE network, the bank said in a statement.
The branch will offer a range of services to corporate, SME and institutional clients including trade finance, treasury services, bilateral and syndicated loans in addition to supporting NRI (non-resident Indian) customers looking for cross-border wealth management solutions.
The expansion comes as Indians constitute the largest expatriate community in UAE and a third of Emirates NBD’s customer base is from India.
The bank said its 60 second online funds transfer service to India, DirectRemit, has facilitated nearly a billion dirhams of NRI remittance flows this year.
Emirates NBD’s India operations will be headed by Sharad Agarwal, a professional with over 20 years of banking experience in India and the UAE, the statement added.
Shayne Nelson, Group CEO of Emirates NBD, said: “We are delighted to expand our footprint to India, building on the UAE’s strong historic, cultural and commercial ties with the country.
"As a key trading partner of the UAE and as one of the fastest growing economies in the world, India represents an important and strategic growth market."
He added: "Emirates NBD is the only UAE-based bank with physical presence across all of India’s important trade corridors from the Middle East and North Africa (MENA) across to Asia and the United Kingdom and our aim is to be the bank of choice for Indian corporates and individuals looking to invest and do business in the MENA region.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.