Money & Banking

Federal Bank to open its first overseas branch in Dubai

Our Bureau Mumbai | Updated on January 15, 2018 Published on November 14, 2016

The bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE.

Federal Bank on Monday said it has received Reserve Bank of India (RBI)'s permission to open its first international branch at the Dubai International Financial Centre.

The bank, in a statement, said the permission is subject to other approvals from the host regulator, Dubai Financial Services Authority.

The proposed branch at Dubai will help the Bank serve its Non-Resident clientele better, the statement added.

Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).

The private sector bank operates through a branch network of 1,252 branches and 1,524 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.37 Lakh Crore as at March 31, 2016.

Published on November 14, 2016
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