Two Indian banks will open offices in Abu Dhabi

Two Indian banks will open offices in Abu Dhabi
By Himendra Mohan Kumar, Staff Reporter/GULF NEWSPublished: August 02, 2007, 23:15

Abu Dhabi: Two Indian banks - The Union Bank of India and The Federal Bank Ltd - have been granted permission by the UAE Central Bank to open their representative offices in Abu Dhabi.

Yusuff Ali MA, director of the Abu Dhabi Chamber of Commerce and Industry, said recently officials from both the banks had met the Central Bank chairman and expressed their desire to establish offices in Abu Dhabi, which would enable them provide better services to Indian expatriates in the UAE.

"Opening of these representative offices will surely help the residents here with various banking and investment solutions and also boost bilateral trade between both the countries," a statement quoted Yusuff Ali as saying.

The representative offices would also serve as a gateway for the two banks in the Gulf and act as an interface between the banks' existing clients and offices in India, the statement said.