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– Support the growth of trade relations between UAE and India
– New branches will be in Gurugram and Chennai in addition to the existing full-fledged branch in Mumbai
DUBAI, United Arab Emirates, Oct.4, 2021 / PRNewswire / – Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced its intention to continue its expansion in India, after the approval of the RBI (Reserve Bank of India) to open two additional branches.
The announcement reflects India’s growing importance to Dubai’s largest bank in terms of assets as the United Arab Emirates (UAE) continues to strengthen its long-standing strategic and economic ties with India. The bank will open a full-service branch in Gurugram and Chennai to serve both the northern and southern Indian markets. The improved geographic coverage will enable Emirates NBD to facilitate greater volumes of trade and capital flows between the two countries as well as the wider MENAT region.
Emirates NBD inaugurated its first full-fledged branch in the country’s shopping center, Mumbai, in 2017, marking the sixth country where Emirates NBD has a presence after the United Arab Emirates, Saudi Arabia, Egypt, Singapore and the UK. The branch offers a range of services to companies, SMEs and institutions, including trade finance, treasury services, bilateral and syndicated loans, in addition to supporting NRI (non-resident Indian) clients in research cross-border wealth management solutions. The young Indian branch has already had a promising start, becoming profitable in its first full year of operation and increasing its corporate and commercial assets and NRI deposits
Hesham Abdulla Al Qassim, Vice President and General Manager of Emirates NBD, said: âAs bilateral relations between the UAE and India continue to strengthen, Emirates NBD is delighted to expand its business offering. and Indian individuals who wish to invest and do business in the MENAT region. In addition to a shared economic vision and compatible regional outlook, the UAE and India are each other’s largest business partners, positioning Emirates NBD as the only UAE-based bank with a physical presence in all major trade corridors from India into the MENAT region and to Asia and the United Kingdom (UK). “
Indians make up the largest expat community in the UAE and over a third of Emirates NBD’s clientele are Indian expats. The bank’s 60-second online money transfer service to India, DirectRemit, has facilitated more than Dh5 billion of NRI remittances so far this year.
About Emirates NBD
Emirates NBD (DFM: EmiratesNBD) is a leading banking group in the MENAT region. As of June 30, 2021, total assets stood at AED 694 billion (equivalent to approximately $ 187 billion). The acquisition of DenizBank is a milestone for Emirates NBD, as the group is expanding its presence to 13 countries, serving more than 14 million customers. The Group is ranked among the top 20 in the Forbes list of the world’s most respected companies, securing a leadership position among global brands.
The Group has a large retail banking franchise in the United Arab Emirates and is a key player in the global digital banking industry with 94% of all financial transactions and inquiries made outside of its branches. The group announced the creation of E20., A digital merchant bank for entrepreneurs and SMEs, while Liv., The digital lifestyle bank for millennials, continued to be the selling proposition at fastest growing retail in the United Arab Emirates. Emirates NBD was named “Best Bank in the Middle East” and “Best Bank in the United Arab Emirates” in 2021 for the seventh consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, presented in 2020 in light of the impact of Covid-19, in recognition of its efforts to respond to the Covid-19 crisis. Emirates NBD ranked 5th in Forbes’ Top 100 Middle East Companies for 2021. The bank is ranked 87th in The Banker’s list of the world’s top 1,000 banks. Emirates NBD was named âBank of the Year – UAE 2020â for the sixth year and âBank of the Year – Middle East 2020â for the third time by The Banker. In addition, Emirates NBD has been ranked as “UAE’s strongest bank” and “Middle East’s fifth strongest bank” by ranking Asia’s 500 largest and strongest banks. Banker.
The Group is present in the United Arab Emirates, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 905 branches and 4,044 ATMs / SDMs. The group has a large social media following, being the only bank in the Middle East ranked in the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the company in the United Arab Emirates. segment and has strong Islamic banking, investment banking, private banking, asset management, global markets, and treasury and brokerage operations.
Emirates NBD is an active participant and supporter of leading UAE community and development initiatives, in close alignment with UAE government strategies including financial literacy and advocacy for inclusion of people with disabilities in its #TogetherLimitless platform. The Group is recognized for its pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a privileged partner and official banking partner of Expo 2020 Dubai.
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