Emirates NBD begins operations in India
Emirates NBD, a leading bank in the region, marked the commencement of operations in India, with the inauguration of its first branch in the country’s commercial centre, Mumbai.
The Mumbai branch, centrally located in Maker Maxity, Bandra Kurla Complex, marks the bank’s fifth international branch outside of its UAE network. The branch will offer a range of services to corporate, SME and institutional clients including trade finance, treasury services, bilateral and syndicated loans in addition to supporting NRI (non-resident Indian) customers looking for cross-border wealth management solutions.
Emirates NBD’s India operations will be headed by Sharad Agarwal, a seasoned professional with over 20 years of banking experience in India and the UAE, including a decade of experience within Emirates NBD Group.
“We are delighted to expand our footprint to India, building on the UAE’s strong historic, cultural and commercial ties with the country. As a key trading partner of the UAE and as one of the fastest growing economies in the world, India represents an important and strategic growth market. Emirates NBD is the only UAE-based bank with physical presence across all of India’s important trade corridors from the Middle East and North Africa (MENA) across to Asia and the United Kingdom (UK) and our aim is to be the bank of choice for Indian corporates and individuals looking to invest and do business in the MENA region,” said Shayne Nelson, Group CEO of Emirates NBD.
Indians constitute the largest expatriate community in UAE and a third of Emirates NBD’s customer base is from India. The bank‘s 60 second online funds transfer service to India, DirectRemit, has facilitated nearly a billion dirhams of NRI remittance flows this year. Emirates NBD offers NRI clients personal loans against NRE fixed deposits in its Indian partner banks and has a NRI Private Banking division in addition to a dedicated NRI desk in its London branch. Emirates NBD has presence across all of India’s key trade corridors from the Middle East and North Africa (UAE, Egypt and KSA) across to Asia (Singapore, China and Indonesia) and the UK (London).