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India's Corporation Bank debuts overseas with Dubai office
Chairman says it will provide banking consultations and financial services while promoting retail products like insurance and mutual funds.
- By Natasha Marrian, Staff Reporter
- Published: 00:07 October 2, 2008
Dubai: India's Corporation Bank has ventured into an overseas market for the first time with a representative office in Dubai.
Bank chairman and managing director B. Sambamurthy said the 102-year-old bank, which recorded a profit of Rs7.3 billion (Dh608 million) in 2007-08 financial year, would provide banking consultation and financial services while promoting the bank's retail products, including insurance and mutual funds.
He said the bank hoped to promote investment both in India and the UAE.
Sambamurthy said the bank would be venturing further into international markets in near future and would open branches in China, London and other parts of the Middle East.
"We hope to provide Indian communities with an opportunity to trade and invest, while providing banking services as well," he said.
Sambamurthy said the Indian bank was weathering the global financial storm and stressed that its operation differed markedly from that of its Western counterparts, therefore providing it with a degree of security.
This security stemmed from the banks' "obligation to ensure the quality of its loans" and tight regulation, he said.
The bank's representative office in Bur Dubai was inaugurated recently in the presence of Saeed Abdullah Al Hamiz from the UAE Central Bank, and Indian Consul General Venu Rajamany.
Established in 1906, the bank has a presence in India in over 2,000 service outlets, 1,000 branches and 1,000 ATMs in the states of Kerala, Goa, Karnataka, Gujarat and Maharashtra.
The government-owned bank offers products and services such as international debit cards, credit cards, internet banking and various utility payment facilities.
It has various deposit and loan schemes and speed remittance services for non-resident Indians (NRIs) based in the Gulf.
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