IDBI Bank opens first overseas branch at Dubai

IDBI Bank has opened its first overseas branch at The Dubai International Financial Centre (DIFC), which will provide a full range of corporate banking services including financial advisory and syndication of credit.

The branch was inaugurated by Union minister of state for finance, Namo Narain Meena in the presence of IDBI Bank's deputy managing director, BP Singh, and other dignitaries, a press release issued in Mumbai today stated.

The branch will meet the corporate financing needs of not only its vast Indian clientele but also clients in the Middle-East.

Through its DIFC branch, IDBI Bank aims to foster greater trade and cross-border capital flows between India and the Middle-East region, the release said.

The bank is presently one of India's leading provider of project financing and infrastructure financing. It is the second largest syndicator of loans in India and fourth-largest in Asia-Pacific (ex-Japan) region.

IDBI Bank's DMD, BP Singh, said, "Our branch at the DIFC would seek to integrate the business interest of the Indian and UAE business communities. Dubai and DIFC provide us with the ideal strategic base to launch our international operations because of its conducive business environment, supportive regulatory framework and excellent infrastructure."

The DIFC branch would also serve as IDBI Bank's nodal point for raising foreign currency resources from the US and European markets in addition to the Asian markets, he said.