IDBI Bank Opens First Overseas Branch at Dubai

IDBI Bank Ltd. opened its first overseas branch at The Dubai International Financial Centre (DIFC).  The branch was inaugurated on June 2, 2010 by Hon’ble Union Minister of State for Finance, Mr. Namo Narain Meena in the presence of Mr. B. P. Singh, Deputy Managing Director, IDBI Bank Ltd.  DIFC Governor Mr. Ahmad Humaid Al Tayer, His Excellency Mr. M.K. Lokesh, Ambassador of India to UAE and Mr. Abdulla Mohammed Al Awar, CEO, DIFC were the Guest of Honour at the inaugural function.

IDBI Bank’s DIFC branch will provide a full range of corporate banking services including financial advisory and syndication of credit.  It will meet the corporate financing needs of not only its vast Indian clientele but also clients in Middle East.

IDBI Bank is one of India’s leading provider of project financing and infrastructure financing.  It is the second largest syndicator of loans in India and fourth largest in Asia Pacific (ex-Japan) region.  Through its DIFC branch, IDBI Bank aims to foster greater trade and cross border capital flows between India and the Middle East region

Mr. B.P. Singh, Deputy Managing Director, IDBI Bank said: “Our decision to establish an office in DIFC reflects our strong belief in the vast growth potential of GCC region.  The business segment of the UAE has a unique international fabric with Indian businessmen constituting an integral part of that fabric.  Our branch at the DIFC would seek to integrate the business interest of the Indian and UAE business communities.  Dubai and DIFC provide us with the ideal strategic base to launch our international operations because of its conducive business environment, supportive regulatory framework and excellent infrastructure.  Apart from being a hub for the Bank’s regional operations, the DIFC branch will also serve as IDBI Bank’s nodal point for raising foreign currency resources from the US and European markets in addition to the Asian markets.”