CHENNAI: Indian Bank has received board approval to open a representative office in Dubai, as it seeks to expand its overseas operations, leveraging the large Indian diaspora across West Asia.
Currently, the bank has a full-service international branch in Singapore and branches in Colombo and Jaffna (Sri Lanka). Besides, it has an IFSC Banking Unit (IBU) functioning as an offshore/foreign branch from GIFT City, Gandhinagar.
“We are getting good business from our GIFT City branch, including participation in various syndicated loans...my aim now is to open a rep office in Dubai...We have a good number of non-resident Indians settled in Dubai and about 33% of the working population is Indian,” Indian Bank MD-CEO Binod Kumar said.
For the representative office in Dubai, the bank is in the process of seeking regulatory approvals. Besides, Kumar said, the bank is exploring the possibility of having a presence in Malaysia and Indonesia.
On the domestic side, he said, Indian Bank plans to add 100 branches this year with a primary focus on increasing its presence in the central and western parts of the country.