Andhra Bank to launch operations in UAE

Dubai: Non-resident Indians from the south Indian state of Andhra Pradesh will find it easy to remit money to their home towns shortly.

Andhra Bank is all set to launch its operations in the UAE by establishing its representative office in Dubai.

"The bank will finalise a venue for its operation on Bank Street in Bur Dubai in a day or two," said R.M. Nagesh, senior manager of Andhra Bank, who has been appointed its UAE representative.

Andhra Bank, which is 63 per cent owned by the Indian Government, has recently got "in principle licence" from the UAE Central Bank to begin its operations here. A formal licence is expected soon, Nagesh said. "This is the bank's first effort to go international."

He said the representative office has tie-up with the UAE Exchange, the Wall Street Finance Company and the Al Razouki International Exchange for money transfers.

He said his office will not deal with any cash transaction but will liaise with resident Indian population and facilitate them in opening bank accounts in India.

He said the initial focus would be on expats from Andhra Pradesh and Kerala and later will be expanded to residents from other states.

Andhra Bank established in 1923, has more than 11,800 branches in India and more than 800 of them are in Andhra Pradesh, said Nagesh adding Kerala is also well covered with 23 branches.

He said the bank has been rated No 1 in terms of management by Business Standard and was cited by the Bankers Magazine, London, for its high returns on capital.