Abu Dhabi/Mumbai, 3 July 2023: SBI Capital Markets Limited (SBICAPS), a wholly-owned subsidiary and investment banking arm of State Bank of India (SBI), announced on Monday the opening of its first overseas branch in the international financial hub Abu Dhabi Global Market (ADGM). The area is located on Al Maryah Island in Abu Dhabi, the capital of the United Arab Emirates.
Shri Dinesh Khara, Chairman, State Bank of India (SBI), inaugurated the SBICAPS ADGM branch in the presence of His Excellency Sunjay Sudhir, Ambassador of India to the UAE, and Mr. Hamad Sayah Al Mazrouei, Chief Executive Officer of ADGM Registry.
SBICAPS ADGM branch has been granted a Type 4 license from the Financial Services Regulatory Authority. The business will be led by Mr. Vishal Gupta, Senior Executive Officer, SBICAPS ADGM Branch.
“India and the Middle East have a special partnership driven by mutual trust, shared values and a shared vision for economic growth. Bilateral trade has reached new heights on an unprecedented scale. State Bank of India is a leading bank in India and a leader in international banking Significant player, remains committed to providing seamless financial services to Indian and UAE businesses. We have established a strong presence in the UAE through our branches, ensuring businesses have easy access to banking services and tailored financial solutions. To further strengthen Our economic ties, we must focus on trade diversification and explore new avenues of cooperation.According to this, the ADGM branch of our investment banking subsidiary will be a growth investor in and from the UAE Build a credible bridge between these investors who have patient capital and seek bankable investment opportunities in India and elsewhere,” said Shri Dinesh Khara, Chairman, State Bank of India (SBI).
The opening of the SBICAPS ADGM branch coincides with the UAE-India Economic Summit: Promoting Synergies – United Falcon and Tiger Economies. Co-hosted by SBICAPS and ADGM, the high-profile event was attended by industry leaders from India and the UAE. The summit will focus on building a vibrant and durable economic union and identifying opportunities for mutual growth of the two economies.
“We are seeing strong investor interest in credible investment opportunities in India, including domestic and foreign corporates, trusts, financial institutions, special purpose funds, government and government-related entities, and professionally run family offices, across jurisdictions and regions Our ADGM office will act as a one-stop solutions center to help clients in India and UAE to do business easily. We also plan to expand our team as our business grows, which will allow us to have a significant presence in the UAE .” Shri Amitava Chatterjee, Managing Director and Chief Executive Officer, SBICAPS.