The UAE’s second-largest financial lender, Emirates NBD, has begun its functions in India with an aim to pitch investments up to $100 million capital in its Indian operations, as stated by the bank.
The Emirates NBD Mumbai branch is marked as the fifth international bank branch situated outside its UAE network. The bank offers a number of services to corporates, treasury services, SME, and institutional clients including trade finance, bilateral, and syndicated loans, and in addition also serves the NRI clients looking out for cross-border wealth management services.
The Emirates NBD said that the bank has made plans on investing $100 million capital into its Indian operations. “We are delighted to expand our footprint to India, building on the UAE’s strong historic, cultural and commercial ties with the country. As a key trading partner of the UAE and as one of the fastest growing economies in the world, India represents an important and strategic growth market,” Shayne Nelson, Group CEO of Emirates NBD said.
“Emirates NBD is the only UAE-based bank with physical presence across all of India’s important trade corridors from the Middle East and North Africa (MENA) across to Asia and the United Kingdom (UK) and our aim is to be the bank of choice for Indian corporates and individuals looking to invest and do business in the MENA region,” Nelson said.
India is known for its largest expatriate community in the UAE region and a third of Emirates NBA’s clients are based from India.
The company mentioned that DirectRemit which takes 60 seconds to make online funds transfer service to India has facilitated the flow of almost billions of dirhams of NRI remittances this year. The bank has its presence in almost all of India’s trade key gates across Asia (China, Singapore, and Indonesia), UK, UAE, Saudi Arabia and Egypt.