UAE-based banking group Emirates NBD has received approval from the Reserve Bank of India (RBI) to open two additional branches in the country.
Emirates NBD, which has over $187bn in assets, will open a full-service branch in Gurugram and Chennai to cater to the Northern and Southern markets of the subcontinent.
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Through these branches, Emirates NBD aims to enhance the geographical footprint to facilitate larger volumes of trade and capital flows between the UAE and India.
Emirates NBD vice-chairman and managing director Hesham Abdulla Al Qassim said: “As bilateral relations between the UAE and India continue to strengthen, Emirates NBD is delighted to expand its offering to Indian businesses and individuals looking to invest and do business in the MENAT region.
“In addition to a shared economic vision and compatible regional outlooks, the UAE and India are each other’s largest trading partners, positioning Emirates NBD as the only UAE-based bank with a physical presence across all of India’s important trade corridors across the MENAT region and through to Asia and the United Kingdom (UK).”
Emirates NBD’s first branch in India was set up in Mumbai in 2017. The lender noted that over a third of its customers are Indian expatriates, who constitute the largest expatriate community in UAE.
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By GlobalDataEmirates NBD has an in-shore presence in Saudi Arabia, Egypt, Singapore, and the United Kingdom as well.
