IDBI Bank secures DIFC licence
Dubai, June 3, 2010
IDBI Bank, a leading bank majority owned by Government of India, has received a licence from the Dubai Financial Services Authority (DFSA) to open a branch at Dubai International Financial Centre (DIFC).
The bank's DIFC office will provide a full range of corporate banking services including financial advisory services and syndication of credit and will meet the corporate financing needs not only of its Indian clientele but also of clients in the Middle East.
IDBI Bank is India’s leading provider of project and infrastructure financing. It is the second largest syndicator of loans in India and 4th largest in Asia-Pacific.
The bank aims to foster greater trade and cross-border capital flows between India and Middle East region through its DIFC branch.
“The setting up of the offices of leading Indian financial institutions like IDBI in DIFC prepares the ground for deeper ties between the financial services sectors of both India and the UAE,” said Ahmed Humaid Al Tayer, governor of the DIFC.
“It is a testimony to the global importance of Dubai that IDBI Bank has now opened its first overseas branch at the DIFC,” added Minister of State for Finance, Government of India, Namo Narain Meena.
“Apart from being a hub for the bank’s regional operations, the Dubai office will 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,” stated B P Singh, deputy managing director, IDBI Bank.-TradeArabia News Service