India-based IDBI Bank, majority owned by Government of India, has received a license from the Dubai Financial Services Authority (DFSA) to provide corporate banking services including financial advisory services and syndication of credit from the Dubai International Financial Centre (DIFC).
IDBI Bank’s DIFC office will meet the corporate financing needs not only of its Indian clientele but also of clients in the Middle East.
Ahmed Humaid Al Tayer, governor of DIFC, said: “The setting up of the offices of leading Indian financial institutions like IDBI in DIFC prepares the ground for deeper ties between the financial services sectors of both countries. As a global financial hub that is rising in prominence, DIFC provides a strategic base for Indian financial institutions to tap new promising markets in the region.”
BP Singh, deputy managing director at IDBI Bank, said: “Our decision to establish an office in DIFC reflects our strong belief in the vast growth potential of GCC region. Apart from being a hub for the Bank’s regional operations, the Dubai office will also serve as IDBI Bank’s nodal point for raising foreign currency resources from the US and European markets in addition to the Asian markets.”