The Hindu Business Line : Federal Bank opens office in UAE

Federal Bank opened its first overseas representative office in Abu Dhabi recently . The office was inaugurated by Mr Vayalar Ravi, Union Minister for Overseas Indian Affairs. Mr M. Venugopalan, Chairman of the bank, said with the opening of the office in the UAE, the bank would be providing single window facility to its NRI clients in the Gulf region.

The UAE region also contributes 20 per cent of the deposit base of the bank at Rs 4,000 crore.

“This is the first overseas effort of the bank to follow the customers to wherever they live. And moving closer to the customers has always been a top priority of the bank,” Mr K.S. Harshan, Executive Director, said. With the introduction of the representative office closer to the NRI customers, the bank has targeted a growth in overseas business volumes of over 30 per cent from the region in the following years.

The direct presence would also enable the bank to advice its customers better on the investment avenues, be it in bank deposits, mutual funds or insurance products. The presence of the bank in the UAE market is also expected to bolster remittances, which constitute a significant volume of the bank’s business. –

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