Bank of India (BoI) has expanded its presence in Middle East with the opening of its Dubai International Financial Centre (DIFC) branch.
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With the new DIFC branch, the bank will extend its reach to customers in Middle East and Africa.
Government of India minister of state for finance Jayant Sinha said: "As the Indian companies expand internationally, Indian banks too have the opportunity to expand their global footprint. The UAE’s business friendly environment will encourage many Indian banks including public sector banks to expand their operations here."
The bank will expand both assets and liabilities side of the balance sheet of its Dubai operations initially from the large Indian business community based in the UAE and Middle East and eventually expand to the international business community in the region.
Bank of India chairperson and managing director Vijayalakshmi R Iyer said: "Dubai being a global business hub, our existing business customers from both India and across the world are excited about our presence here.
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By GlobalData"The regulatory environment and tax friendly business rules in the UAE are expected to attract a lot of our clients to do business through the UAE."
