BoB signs MoU with Dubai Properties
Dubai, May 17, 2008
India’s Bank of Baroda (BoB) has entered into a memorandum of understanding (MoU) with Dubai Properties.
Under the agreement, the bank will provide home finance to buyers of residential units in a number of Dubai Properties’ projects across the UAE, the company said in a statement.
The agreement was signed by Dubai Properties chief executive Mohamed S Binbrek and chief executive for the bank’s GCC operations Ashok K Gupta.
Gupta said the agreement will facilitate the Bank to help individuals fulfill the dreams of owning their own homes.
He added it was a step towards making Bank of Baroda the first choice of every customer.
Bank of Baroda is a leading Indian bank, with an extensive network of over 2,800 branches in India and 71 overseas offices in 25 countries. In the UAE, the Bank of Baroda is the only Indian bank offering full-fledged banking services.
It has six branches in Dubai, Deira, Sharjah, Abu Dhabi, Al Ain and Ras-Al- Khaimah and an Electronic Banking Service Unit at Jebel Ali. In Oman, Bank of Baroda has three branches and one branch in Bahrain. The Bank also has plans to have its presence in all GCC countries. – TradeArabia News Service
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson