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The UAE National Bank, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced plans to further expand in India after RBI (Reserve Bank of India) approved the opening of two additional branches.
The announcement reflects the increasing importance of India to Dubai’s largest bank by assets as the United Arab Emirates (UAE) continues to strengthen its long-term strategic and economic ties with India. The bank will open a full-service branch in Gurugram and Chennai to meet the needs of the northern and southern Indian markets. The expanded geographic coverage will enable the UAE NBD to facilitate greater trade and capital flows between the two countries and the larger MENAT region.
UAE NBD opened its first mature branch in Mumbai, the country’s commercial center, in 2017. This is the sixth country where UAE NBD conducts business onshore after the UAE, Saudi Arabia, Egypt, Singapore and the United Kingdom. In addition to supporting NRI (Non-Resident India) customers seeking cross-border wealth management solutions, the branch also provides a range of services to corporate, SME and institutional customers, including trade financing, treasury services, bilateral and syndicated loans.The young Indian branch business has made a good start, achieving profitability in the first year of operation and increasing corporate and trade assets as well as NRI deposits
Hesham Abdulla Al Qassim, Deputy Chairman and Managing Director, Emirates NBD Commented: “As the bilateral relationship between the UAE and India continues to strengthen, Emirates NBD is pleased to provide services to Indian companies and individuals who wish to invest and conduct business in the MENAT region. In addition to a common economic vision and compatible regional prospects , The UAE and India are each other’s largest trading partners, positioning the UAE National Bank as the only bank headquartered in the UAE, with a physical presence on all important trade corridors in the entire MENAT region of India, and passing through Asia and the United Kingdom (UK). “
Indians are the largest expat community in the UAE, and more than one-third of Emirates NBD’s customer base are Indian expats. So far this year, DirectRemit, a 60-second online fund transfer service provided by the bank to India, has facilitated NRI remittances of more than 5 billion dirhams.
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