NEWS & ADVICE : PERSONAL LOAN
IDBI Bank to make presence abroad
By Vaibhav Aggarwal
Apr 14, 2009
Print    Email    RSS   

Private lender, IDBI Bank is planning to set up branches in foreign countries to assist Indian corporates to raise overseas funds. The bank has decided to start operations in Dubai, Singapore and Beijing.

IDBI's Chairman and Managing Director, Yogesh Agarwal said, "We will be opening one branch each in Dubai and Singapore. We also plan to start a representative office in Beijing."

"Apart from catering to the Indian corporates for raising funds overseas, the trigger to start operations beyond the country's border is to establish our foreign presence, an area which we neglected," he said.

Until now the bank has no overseas presence and currently it is waiting for the approvals from the governments of respective countries. IDBI will start the operations immediately after it obtains the approval.

Agarwal informed that, "We have the Reserve Bank's permission with us to start operations in these geographies for over one year now." He further added that getting paper works ready and necessary approvals were on its way.

The bank has a network of 509 branches and 900 ATMs spread across the nation. Further the bank has also received approvals from the Reserve Bank of India to set up 200 new branches in the ongoing fiscal.

Recently the insurance leader, Life Insurance Corporation of India (LIC) has also announced to increase its overseas presence with a view to raise the business by catering to the Indian residing abroad.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Consolidation good for creating healthier...
Is the Base Rate system really transparent?
Winning in Emerging Markets by Tarun...
Carnival of Indian Personal Finance Blogs #4
BPLR or Base rate?? Which is better…?


HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive