Indian private sector lender Kotak Mahindra Bank has secured approval from the Reserve Bank of India (RBI) to open its first international branch in Dubai, UAE.
Kotak said that the strategy behind setting up the new branch at Dubai International Financial Centre (DIFC) is to access off-shore markets and improve forex capabilities.
The new branch will help it raise off-shore deposits from individuals and non-individuals, and offer off-shore asset products, the bank said.
“It will enable Kotak to participate in financing the increasing global trade flows with India, provide loans and develop a platform to build the Bank’s syndication and structuring capabilities, thereby create a stronger franchise,” the Indian lender added.
Kotak has a branch network of 1,336 branches across 702 locations and 2,044 ATMs. The bank also offices in London, New York, Texas, California, Dubai, Abu Dhabi, Mauritius and Singapore, apart from the new Dubai location.