UAE-based bank FGB seeks RBI nod to open branch

UAE-based lender FGB (formerly the First Gulf Bank) today said it has plans to expand its operations in the country and is currently in talks with the RBI and the Finance Ministry for the regulatory approval.
The bank already has presence in debt market wherein they have advised domestic companies in raising foreign currency borrowing from overseas markets. FGB currently has a representative office in the country.
"We aspire to capitalise on India's positive investment climate and play a key role in the development of the Indo-UAE corridor," FGB managing director and board member Abdulhamid Saeed said in a statement.

In 2013-14, FGB had participated in 15 capital raising deals worth USD 9.2 billion for domestic companies, Tata Steel's mega USD 3.2 billion. Of these, deals worth USD 6 billion have been completed in 2014 itself.
Last month, the bank had assisted the Tata Steel group to raise USD 3.2 billion which was part of its total debt refinancing exercise of USD 7 billion.
It also participated in loan syndications of Tata Motors, Vedanta, HPCL, Axis Bank, IOC and Yes Bank, among others.
"We are very pleased to have supported our corporate clients in the country over the last 5 years to the point where our current portfolio is diverse, strong and growing across sectors," bank's CEO Andre Sayegh said.

It can be noted that Qatari lender Doha Bank, which had bought the Indian assets of HSBC Oman recently, had announced its entry into the domestic market by April this year with a branch, but is yet to do so.