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Federal Bank is set to tap the potential of the fast expanding India-UAE business corridor with a range of services, including ‘business match making’, a leading bank official has said.
The private sector Indian bank will be brokering alliances between businesses looking for joint ventures or partnerships in both the countries, Mr Shyam Srinivasan, Managing Director and Chief Executive Officer of the bank.
“The UAE-India corridor is set to expand further. Given the increasingly borderless world, we can do a lot of things as a leading bank. We are pressing ahead with a lot of initiatives,” Mr Shyam told Khaleej Times.
Big businesses in both the UAE and India are looking for new opportunities and diversification, he said.
“As a bank with a solid base and being the fourth biggest private sector bank in India, we are better-placed to offer Gulf businesses our expertise in identifying investment opportunities as well the right partners in the subcontinent,” he said.
According to him, the growth potential and opportunities in India are great.
In West Asia, Federal Bank has over 500,000 customers and relationships with 58 money exchange houses and banks.
In Abu Dhabi, the bank has set up a representative office and is exploring the possibility of obtaining a licence to operate from the Dubai International Financial Centre (DIFC).
The bank, which has 750 branches, including 445 branches in Kerala, is on target to open its 1,000th branch in 2012.
In the GCC, where the bank has doubled its staff strength in one year, it has plans to make forays into other Gulf countries.
Mr Shyam said to ensure personalised and value added services to NRI clients, the bank has posted relationship managers across major branches in Kerala and the GCC to cater to high volumes of NRI business. Credit hubs for SME and retail loans are being established across different regions.
During his recent visit, Mr Shyam signed a strategic partnership with Al Ansari Exchange to help expatriate workers send money home instantly.
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