The National Bank of Abu Dhabi (NBAD) has commenced banking operations in India by opening branch in Mumbai.
The branch is will provide wholesale banking services covering areas of debt origination and distribution, project finance, trade finance and asset finance.
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NBAD said that it plans to develop its relationship with key Indian corporates, expand its value offering to include treasury services and grow the portfolio significantly.
The opening of the branch comes as NBAD completed the migration of an Indian corporate loan portfolio worth around $900m from Royal Bank of Scotland.
NBAD group CEO Alex Thursby said: "Setting up in India is an important milestone in NBAD’s expansion across the West-East Corridor, and demonstrates the UAE’s strengthening ties with its second largest trading partner.
"The size of the economy, along with its rapidly growing consumer class, make India a vitally important market to our clients and to NBAD. Indian government and Indian businesses recognise that growth will come from further investment in infrastructure where the level of investment required over the next three years is over USD 1 trillion."
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By GlobalDataNBAD regional CEO for South Asia Rajeev Pant said: "NBAD is well positioned to facilitate investment towards infrastructure projects and contribute to India’s future growth potential."
NBAD has been granted a full banking licence by the Reserve Bank of India. It now has a presence in 18 countries around the world.
