Emirates NBD to open two new branches in India
DUBAI, October 4, 2021
Emirates NBD, a leading banking group in the region, has announced plans for further expansion in India, following approval from RBI (Reserve Bank of India) to open two additional branches.
The announcement reflects India’s growing importance to Dubai’s biggest bank by assets as the UAE continues to strengthen long-standing strategic and economic ties with India, said a statement from ENBD.
The bank will open a full-service branch in Gurugram and Chennai to cater to both the northern and southern markets of India.
The enhanced geographic coverage will enable Emirates NBD to facilitate larger volumes of trade and capital flows between the two countries as well as the larger Mena and Turkey region.
Emirates NBD had opened its first full-fledged branch in the country’s commercial centre, Mumbai in 2017, marking the sixth country the Emirati lender has in-shore presence after UAE, Saudi Arabia, Egypt, Singapore, and the UK.
The branch offers 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.
Vice Chairman and Managing Director Hesham Abdulla Al Qassim said: "As bilateral relations between the UAE and India continue to strengthen, Emirates NBD is delighted to expand its offering to Indian businesses and individuals looking to invest and do business in the region."
In addition to a shared economic vision and compatible regional outlooks, the UAE and India are each other’s largest trading partners, positioning Emirates NBD as the only UAE-based bank with physical presence across all of India’s important trade corridors.
Indians constitute the largest expatriate community in UAE and also more than a third of Emirates NBD’s customer base. Its 60-second online funds transfer service to India, DirectRemit, has facilitated over AED5 billion of NRI remittance flows to date this year.-TradeArabia News Service
