Business | Banking
Bank of Baroda to finance small businesses in UAE
Bank of Baroda, the only Indian bank that has full-fledged commercial banking operations in the UAE, will offer finance to small and medium enterprises (SMEs) in the country, said Dr. Anil. K. Khandelwal, global chairman and managing director, during a recent visit to the UAE.
- By Babu Das Augustine, Banking Editor
- Published: 00:45 February 10, 2008
- Image Credit: Supplied Picture
- Ashok K. Gupta, chief executive (GCC operations).
Dubai: Bank of Baroda, the only Indian bank that has full-fledged commercial banking operations in the UAE, will offer finance to small and medium enterprises (SMEs) in the country, said Dr. Anil. K. Khandelwal, global chairman and managing director, during a recent visit to the UAE.
The bank has launched two new business financing initiatives such as the 'SME Loan Factory' to cater to the SME segment and a 'Syndication Centre, to meet the financing requirements of relatively large firms.
"The SME Loan Factory is aimed at providing complete financing solution form small and medium enterprises under one roof.
"It will be a separate special hub to take care of the financial requirements of all SME customers through a time bound sanctioning of credit facilities with simplified procedures and speedy disbursements," said Dr. Khandelwal.
Through the SME Loan Factory, the bank will offer customised products for varied requirements of business units having annual turnover up to Dh75 million and total working capital requirement up to Dh15 million under one roof.
"Under our SME scheme, we will ensure sanction of credit facilities upto Dh3 million within 48 hours and facilities up to Dh15 million within six days if the facilities are on fully secured basis," said Ashok K. Gupta, chief executive (GCC operations).
The newly opened Syndication Centre will cater to the big ticket financing needs of large corporates and plans to offer services such as arranging and underwriting of syndicated loans, buyer's and supplier's credit, arranging for bond issues and providing merger and acquisition finance.
In addition, the centre will also offer investment banking and advisory services to corporate customers planning to enter India as well as for setting up projects in UAE.
In the UAE, Bank of Baroda has six branches in Dubai, Deira, Sharjah, Abu Dhabi, Al Ain and Ras Al Khaimah.
As part of expansion within the UAE, the bank recently opened an electronic banking unit (EBU) at the Jebel Ali Free Zone.
While the bank has plans to expand its across all GCC countries, it has an extensive network of over 2,800 branches in India and 66 overseas offices in 24 countries.
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