IndusInd Bank to open office in Dubai

By SiliconIndia   |   Thursday, 17 April 2003, 07:00 Hrs
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DUBAI: Hinduja-owned IndusInd Bank will open its first overseas office in Dubai in August. The bank is already in the final stages of discussions with some banks in the UAE for tie-ups.

Bank director Ram Buxani said members of the NRI community in Dubai held about ten per cent of the share in the bank.

About 300 NRIs from the UAE held about 45 per cent stake in the IndusInd International Holdings, which promoted the IndusInd Bank in 1994, Buxani said after the annual general meeting of the IndusInd Holdings on Wednesday, which was attended among others by Hinduja group chairman, Srichand P Hinduja.

He said the IndusInd Bank will open a second overseas office in London as both Dubai and London had substantial NRI community and were ideally suited for expanding corporate and retail business of the bank.

The bank and the IndusInd International Holdings, a Mautitius-based investment company will form a new joint venture investment company to invest in the Middle-East, especially the UAE.

He said the new company will consider investment opportunities in all sector including real estate.

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