Emirates NBD, one of the largest banking groups in the Middle East in terms of assets, has commenced operations in India with a projected investment capital of $100 million.
The bank opened its fifth international branch, outside the UAE network, in Mumbai. Some of the services that will be offered range across corporate, SME and institutional clients. The bank will provide treasury services, syndicated and bilateral loans, and trade finance. Emirates NBD will also benefit NRIs who require wealth management solutions across borders.
Since March 2000, the bank has maintained a Representative Office in India. This office received an upgrade to a bank that will provide services to meet the banking needs of both corporate and personal clients.
A third of the bank’s customer base hails from India, given that the largest share of the expatriate community in the UAE comprises Indians. India is a strategic growth market and also one of the fastest growing economies of the world making it a key trading partner for the UAE.
Currently, Emirates NBD is the only bank based in the UAE to have a physical presence in the important trade corridors of India that span across the Middle East to North Africa (MENA), and the United Kingdom to Asia. The bank aims at becoming the top choice for individuals and corporates from India who are looking to conduct business or make investments in the MENA region.
Emirates NBD launched service that facilitated a 60-second online fund transfer to India. Through this service called DirectRemit, the bank recorded close to AED1 billion remittances this year.
Through the new Mumbai branch, the bank will offer clients comprehensive growth and investment solutions and opportunities.