To increase its presence in United Arab Emirates (UAE) the private sector bank, HDFC Bank, has set up a representative office in Abu Dhabi, the capital of UAE. This is the bank's first office in Abu Dhabi and its second representative office in UAE. It already has a representative office in Dubai.
With this, the bank will be able to serve the Indian diaspora to the large Indian population residing in the city. Talking on the matter, Mr. Abhay Aima, HDFC Bank Group Head (Equities, Private Banking, Third Party Products, NRI and International Consumer Business) said, "The UAE is an important global business centre and this initiative reflects our commitment to bring world-class banking services to the doorstep of the Indian community in the region." He also added, "We will continue to expand our off-shore operations to meet the banking requirements of NRIs in the UAE."
As regards the bank's presence in Middle East, apart from the representative offices in Dubai and Abu Dhabi, it has a fully operational branch in Bahrain that caters to the needs of corporates as well as ultra high net worth individuals. The services offered in this branch include trade finance, corporate and advisory services.
The facilities provided in the newly opened representative office in Abu Dhabi include facilities like opening of NRE accounts in India, remittance of funds, opening a fixed deposit in India and banking services to NRIs residing in Abu Dhabi for their Indian bank accounts.