Indian banks strengthen presence at DIFC

NEW DELHI, Jan 13: Many Indian financial firms including Kotak Mahindra Bank are strengthening their operations at the Dubai International Financial Centre (DIFC).
Kotak Mahindra Bank and Federal Bank are upgrading their representative office status to offer full range of banking and professional services, DIFC said in a statement.
Federal Bank’s enhanced operations will help it serve a fast-growing overseas client base, estimated at over 800,000, while Kotak Mahindra Bank’s expansion at the DIFC is expected to help raise off-shore deposits and also offer asset products, it said.
Similarly, Axis Bank, which has seen significant business coming from the DIFC client base, is also strengthening its operations to leverage the UAE-Indian axis in the financial sector across the MEASA region.
“The move is a testimony to DIFC’s status as a global financial services hub, connecting Indian business to an USD 7.8 trillion Middle East, Africa and South Asia (MEASA) region,” DIFC Authority CEO Arif Amiri said.
India is the UAE’s second largest trading partner. Bilateral trade crossed the USD 59 billion mark in 2014-15. (PTI)