Posted by Neil King
India-based Oriental Bank of Commerce (OBC) has confirmed that it expects to receive approval for establishing its first overseas branch in Dubai within the next three months.
The bank said it plans to have a total of three branches abroad within four years, adding that it expected to receive Reserve Bank of India approval for setting up a branch at the Dubai International Financial Centre shortly, news.in.msn.com reported.
Explaining the reasons behind the expansion, OBC chairman T Y Prabhu said: "This is for many of our corporate clients who have set up joint ventures abroad. They have requirements of finance. They expect an India bank to help them. Secondly, we are expanding and we also want to grow internationally."
According to the news website, the bank has already opened a representative office in Dubai.
Earlier this week, meanwhile, a survey of delegates at the recent Dubai Logistics Symposium found that four in five logistics businesses are likely to expand their Dubai operations in 2011.