HDFC Bank, the second-largest private sector bank in India, opened its branch in Dubai International Financial Centre (DIFC) to provide wealth management services to the non-resident Indians (NRIs) based in the UAE.
This is the bank’s third branch outside India, the other two being located at Bahrain and Hong Kong. The bank will continue to operate the existing two representative offices in the UAE located at Dubai and Abu Dhabi.
The new branch will offer advisory services to affluent NRIs regarding treasury products, trade finance, loans and other related services.
The Bahrain and Hong Kong branches of the bank offer corporate, trade finance, loans and deposits to both corporates and ultra high net worth individuals.
The representative offices in UAE will continue to be engaged in facilitation of services for NRIs regarding their accounts held with branches in India.
HDFC Bank also partners with exchange houses across Gulf Co-operation Council (GCC) countries for NRI remittances.
“The UAE and DIFC in particular has emerged as a major financial center and the launch of this branch reflects our commitment to the Indian community in the region. We will continue to expand our off-shore operations to meet the banking requirements of our valued customers,” said Abhay Aima, Group Head — Equities, Private Banking, Third Party Products, NRI and International Consumer Business, HDFC Bank.
Ashish Parthasarthy, Group Head — Treasury, HDFC Bank said: “The bank is offering a wide range of products for corporates / SMEs through its Bahrain & Hong Kong branches. With the setting up of DIFC branch the distribution of such products to Gulf clients will be easier.” As of June 30, 2014, the bank had a distribution network with 3,488 branches and 11,426 ATMs in 2,231 cities/towns.
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India’s leading housing finance company, HDFC Bank is one of India’s premier banks providing a wide range of financial products and services to its 28.9 million customers.