Axis Bank announces new representative office in Sharjah

Even as the nearly Rs 13,000-crore scam involving diamond trader Nirav Modi has led to public lenders to curtail their overseas presence, Axis Bank today announced a new representative office in Sharjah.

The third largest private sector lender said the representative office in Sharjah, its third in the UAE, will focus on remittances business.

Axis Bank has disclosed indirect exposure, passed on because of the scam that originated at Punjab National Bank. Following the discovery of the scam, the Government asked a slew of state-run lenders to consolidate their foreign presence starting with 35 locations.

In a statement, Axis Bank said the representative office can be used by the diaspora in the northern emirates.

There are over 3 million NRIs in the UAE which makes it an interesting business proposition, it said.

The bank has 20 per cent market share in the USD 12 billion dollar-a-year inward remittances market from the UAE.

"Personal banking transactions, including remittances...have been growing continuously. Opening of the representative office in Sharjah will further extend our presence in the UAE," the bank's executive director Rajiv Anand said.

The bank has branches at the Dubai International Financial Centre, Singapore, Hong Kong and Colombo, a subsidiary in London and a representative office in Dhaka.