Central Bank of India considers UAE expansion

24/12/2010 - Dubai Investment News
Central Bank of India considers UAE expansion

Posted by Neil King

The Central Bank of India is considering the possibility of establishing a representative office in the UAE.

Speaking to the Khaleej Times, the bank's executive director Rajeev Kishor Dubey confirmed that it could soon join the growing number of Indian financial institutions that have already set up a base in the UAE.

This could include opening a branch at Dubai International Financial Centre, he said.

"The Gulf offers immense potential as there is big demand for our services from the NRI population. The region is also a good market for remittance," noted Mr Dubey.

According to the executive, the UAE expansion plan is part of a wider aim of expanding the bank's overseas reach including to countries like Hong Kong, Bhutan, Nigeria, Tanzania and Mozambique.

Earlier this week, meanwhile, a Dubai Chamber of Commerce & Industry report predicted that GCC countries will see their real GDP growth increase by around 4.0 per cent and 4.6 per cent in 2010 and 2011, respectively.ADNFCR-2019-ID-800312146-ADNFCR