Emirates NBD, the biggest lender from Dubai, has entered the country with its first branch in the megapolis and will cater to corporates, institutional clients and NRIs.
The Mumbai branch, located in the plush BKC CBD, is the fifth international branch outside of its UAE network. The group will invest USD 100 million capital towards Indian operations, 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 NRIs looking for cross-border wealth management solutions.
Emirates NBD India is headed by Sharad Agarwal as CEO.
Shayne Nelson, Group CEO said, "We are delighted to enter India, building on the UAE's strong historic, cultural and commercial ties with the country. As a key trading partner of the UAE, India represents an important and strategic growth market."
Indians constitute a third of Emirates NBD's customer base in Dubai. Its total assets stood at USD 125 billion as of end September and operates 231 branches in the UAE and overseas spanning, Egypt, Saudi Arabia, Singapore, Britain, China and Indonesia.
There are close to 100 foreign banks in the country and the Dubai lender is the second one to enter the country from Gulf in recent years.
Emirates NBD has entered the country through the branch route.
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