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SBI Capital Markets, the investment banking and project advisory arm of State Bank of India (SBI), has expanded into the Middle East with a new Abu Dhabi office, two people familiar with the matter said.
SBI Capital Markets, the investment banking and project advisory arm of State Bank of India (SBI), has expanded into the Middle East with a new Abu Dhabi office, two people familiar with the matter said.
SBI Caps recently received approval to set up a branch in the international financial center of Abu Dhabi Global Market (ADGM). While no official announcement has been made, senior executives from SBI and SBI Caps will inaugurate the branch on July 3, according to an itinerary viewed by SBI. Mint.
SBI Caps recently received approval to set up a branch in the international financial center of Abu Dhabi Global Market (ADGM). While no official announcement has been made, senior executives from SBI and SBI Caps will inaugurate the branch on July 3, according to an itinerary viewed by SBI. Mint.
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SBI Caps and Abu Dhabi Global Market are organizing an event, UAE-India Economic Summit: Promoting synergies – uniting falcons and tiger economies An announcement will be made on July 3rd.
SBI Chairman Dinesh Khara, SBI Caps CEO Amitava Chatterjee, ADGM Chairman Ahmed Jasim Al Zaabi and Indian Ambassador to the UAE Sunjay Sudhir are likely to attend, according to the ADGM website.
SBI Caps’ move to open an office in the region reflects the growing importance of Middle Eastern funds willing to invest in Indian businesses.
SBI Capital seeks to capitalize on the opportunity and plans to gradually expand its team to gain a significant presence in the region, the people said. Sudir said in November last year that according to data from an agency, the UAE sovereign wealth fund had invested more than $10 billion in renewable energy, telecommunications, affordable housing, road infrastructure and start-ups over the past five years. PTI Report.
When contacted, an SBI Cap spokesman declined to comment on the matter.
Consolidated net profit for SBI Caps in 2022-23 is $725.39 crore while the profit was $Rs 635.42 crore in the previous year. In FY23, SBI Caps participated in transactions including debt syndicate for Navi Mumbai International Airport project; debt syndicated loan for steel project capacity expansion of Angurjindal Steel Power Ltd in Odisha, etc.
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