By Andrei Skvarsky.
Dubai’s Emirates NBD, one of the largest banks in the Middle East, has opened two full-service branches in India in addition to a five-year-old branch in Mumbai in fostering what it calls strategic ties with the homeland of the United Arab Emirates’ largest expatriate community.
One of the new branches is located in Gurugram, a city in the National Capital Region, the other in Chennai, a city of 11.5m in the Tamil Nadu state.
The new branches will “offer Indian businesses a full range of banking services including trade finance, treasury services, and bilateral and syndicated loans in addition to supporting NRI (non-resident Indian) customers”, a statement from the lender quoted Emirates NBD Group chief executive Shayne Nelson as saying.
“Our new strategically located branches will offer improved geographical coverage, allowing us to cater to both the northern and southern markets of India, thus enabling ease of banking including smoother trade financing and fund and non-fund-based facilities for customers,” Nelson said.
Members of the UAE’s Indian expatriate community make up one-third of Emirates NBD’s customers, according to the bank.
The statement said remittances worth nearly $2bn had been carried out in 2022 through the bank’s DirectRemit 60-second zero-fee digital service for money transfer to India.
Emirates NBD’s Mumbai branch, opened in 2017, replaced a representative office that had existed since 2000.
In another statement, Emirates NBD reported a 25 per cent year-on-year net profit increase as of the end of September 2022.
The bank put its net profit for the period from January to September this year at 9.1bn Emirati dirhams ($2.5bn) and said this approached the amount for the whole of 2021.
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