Dubai’s biggest bank,Emirates NBD started operations in India with the inauguration of its first branch in the country’s commercial centre, Mumbai.
The Mumbai branch marks the bank’s fifth international branch outside of its UAE network, the bank said in a statement.
The branch will offer a range of services to corporate, SME and institutional clients including trade finance, treasury services, bilateral and syndicated loans in addition to supporting NRI (non-resident Indian) customers looking for cross-border wealth management solutions.
The expansion comes as Indians constitute the largest expatriate community in UAE and a third of Emirates NBD’s customer base is from India.
The bank said its 60 second online funds transfer service to India, DirectRemit, has facilitated nearly a billion dirhams of NRI remittance flows this year.
Emirates NBD’s India operations will be headed by Sharad Agarwal, a professional with over 20 years of banking experience in India and the UAE, the statement added.
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