HDFC Bank, an India-based private sector bank, has opened a new branch in Dubai International Financial Center (DIFC) as part of its global expansion plans.
The new branch will offer a range of wealth management services including advisory services on treasury products, structured products, trade finance and loans to high-net-worth (HNW) non-resident Indians (NRIs) based in the UAE.
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The bank will offer these services only to NRIs with a net worth of above US$500,000. It already has two representative offices in the UAE at Dubai and Abu Dhabi.
The new DIFC outlet marks as the bank’s third branch outside India, the other two being located at Bahrain and Hong Kong.
The Bahrain and Hong Kong branches of the bank provides corporate, trade finance, loans and deposits to both corporate and ultra high-net-worth individuals in addition to offering a wide range of products for corporate / SMEs.
Additionally, the bank is also seeking to expand its international book size through the DIFC office and is also joining forces with exchange houses across the GCC countries for NRI remittances.
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By GlobalDataThe representative offices in UAE will be engaged in facilitation of services for NRIs regarding their accounts held with branches in India.
Abhay Aima, group head – equities, private banking, third party products, NRI and international consumer business at HDFC Bank, said: "The UAE and DIFC in particular have 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.
"We are conservative in our approach to international expansion. We will closely look at the local and regional opportunities," added Aima.
