Dubai to serve as foreign currency hub for IDBI Bank

12/07/2010 - Dubai Investment News
Dubai to serve as foreign currency hub for IDBI Bank

Posted by Bob Brunskill

IDBI Bank, an Indian, state-controlled lender, has confirmed plans to turn its Dubai office into a hub for foreign currency transactions.

Speaking to the Khaleej Times, the bank's executive director B K Batra suggested that Dubai provides a "very unique opportunity" to serve the UAE and surrounding countries by supporting trade and business activity in the area.

"Opportunities are spread all around in markets such as Dubai, Abu Dhabi and other Gulf countries," he said, adding: "This is quite an opportune time for IDBI Bank in the UAE because the economy is improving after recent difficulties and now it is emerging in sectors like trade, travel and tourism."

Mr Batra also disclosed that the bank is due to raise $500 million within the next few weeks under its first dollar bond programme.

He stated that the company would use its Dubai office to provide foreign currency funding to companies located in the emirate as well as to Indian companies who have presence in the region.

Yesterday (July 11th), NASDAQ Dubai moved the trading of its listed equities to the trading platform of Dubai Financial Market as part of a strategy to increase trading volumes on NASDAQ Dubai and strengthen the emirate's role as a centre of capital markets activity.

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