Money & Banking

Federal Bank to open offices in Kuwait and Singapore

Our Bureau Kochi | Updated on January 09, 2018

Federal Bank has obtained RBI approval to open representative offices in Kuwait and Singapore.

The bank said in a statement that last financial year, it handled around 15 per cent of the total personal inward remittances to India. The opening of the representative offices will facilitate liaising with NRIs for catering to their various financial requirements, it added. The new offices will be opened as soon as clearance is obtained from the host countries, said Shyam Srinivasan, MD & CEO.

Federal Bank already has representative offices in Abu Dhabi and Dubai, and has tied up with over 110 overseas banks/remittance partners. Additionally, it has received RBI approval to open a branch in DIFC, Dubai, and a representative office in Bahrain. It is in the process of setting these up.

Published on November 09, 2017

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