Companies

Federak Bank gets RBI nod to open representative office in Dubai

PTI Mumbai | Updated on June 05, 2014 Published on June 05, 2014

Kochi-based Federal Bank today said that it has received approvals from the Reserve Bank of India to open a representative office in Dubai, its second office in the Emirate.

“Federal Bank has been granted approval by the Reserve Bank to open a representative office in Dubai, UAE,” the old generation private sector lender said in a statement.

The representative office will function as a source of information to NRIs interested in foreign investments in the country, apart from serving the diaspora.

The bank already has a representative office in Abu Dhabi, making the Dubai office its second overseas office. Federal Bank has a branch network of 1,174 and 1,371 ATMs spread across the country.

Its balance sheet stood at Rs 1.03 lakh crore as of end March 2014 and its net profit stood at Rs 839 crore for the full fiscal.

Published on June 05, 2014
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