India's Axis Bank opens representative office in Dubai
Sunday, 04 May 2008, 19:30 IST
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Dubai: Leading Indian private sector bank Axis Bank opened a representative office here Sunday to promote its retail NRI products. "This further extends our presence in international markets, as a response to the growing globalisation of the Indian economy," Axis Bank chairman and chief executive P.J. Nayak said in a statement. "Personal banking transactions between the UAE (United Arab Emirates) and India are growing rapidly, and our representative office in Dubai will complement the corporate banking services offered out of our branch in the DIFC (Dubai International Financial Centre) for facilitating part of the banking needs of Indians based in the UAE," he added. There are around 1.5 million expatriate Indians in the UAE. The new representative office of the bank, formerly known as UTI Bank, would be engaged primarily in promoting its retail NRI products and services as well as providing support in facilitating transactions between its branches in India and the NRIs based in Dubai. According to the statement, India's growing integration with the global economy has opened opportunities to leverage the bank's strengths in overseas markets. The bank has established its presence in Singapore, Hong Kong, Dubai and Shanghai apart from concluding strategic alliances with banks and exchange houses in the Gulf Cooperation Council (GCC) region. While its branches in Singapore, Hong Kong and Dubai provide platforms for offering corporate credit and trade finance solutions in the financial hubs across Asia and enable the bank to partner with Indian corporates making foray into the international markets, the new office in Dubai would, in conjunction with the bank's alliance partners, enable access to the large NRI population in the UAE, the statement added.
Source: IANS
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