Business | Banking
India's Axis Bank comes to UAE
Axis Bank, fourth largest Indian bank by market capitalisation, on Sunday opened its first representative office in the UAE in Dubai.
- By Babu Das Augustine, Banking Editor
- Published: 00:27 May 5, 2008
Dubai: Axis Bank, fourth largest Indian bank by market capitalisation, on Sunday opened its first representative office in the UAE in Dubai.
The Dubai office is part of the bank's strategic expansion plan focused on Asia. "Axis is a relatively new Indian private sector bank. Our strategic direction is to go where our customers are located. The UAE has become a very important market for us during the past few years," said P.J. Nayak, Chairman and CEO of Axis Bank.
The Dubai office will be engaged primarily in promoting the bank's retail non-resident Indian (NRI) products and services as well as providing support in facilitating transactions between branches of the bank in India and the NRIs based in Dubai.
"Personal banking transactions between the UAE and India are growing rapidly, and our office in Dubai will complement the corporate banking services offered out of our branch in the DIFC for facilitating part of the banking needs of Indians based in the UAE," said Nayak.
In addition to retail banking offerings, the bank offers mortgage products, insurance, mutual funds and online trading in Indian stocks. The bank is also offering offshore wealth management and private banking solutions in association with Luxemburg based Rothschild.
Alliances
Currently the bank has a presence in Qatar through an alliance with Doha Bank. In the UAE it has marketing arrangements with Abu Dhabi Commercial Bank and RAKBank. In other GCC countries, the bank is exploring strategic alliances with banks and exchange houses
While branches in Singapore, Hong Kong and DIFC provide platforms for offering Corporate Credit and Trade Finance solutions in the financial hubs across Asia and enable the bank to partner with Indian corporates foraying into the international markets, the new Representative Office in Dubai would, in conjunction with the Bank's alliance partners, enable access to the large NRI population in the UAE.
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