State Bank of India (SBI) has started providing a complete range of banking services from its branch at the Dubai International Financial Centre (DIFC), an onshore hub for global finance bridging the time gap between the financial centres of Hong Kong and London.
The branch will provide trade finance and short-term working capital loans, including letters of credit and bank guarantees, term loans and project finance as well as syndication of credit requirements at competitive rates.
SBI has got a full banking licence from the regulator, the Dubai Financial Services Authority. It has also obtained a Retail Endorsement to its licence, which enables it to arrange investments for retail customers and offer credit to small and medium enterprises.
Abdulla Al Awar, CEO of the DIFC Authority, said: "DIFC seeks to establish stronger linkages with the financial sectors of India... SBI can play a key role in strengthening financial and investment ties between India and the Middle East region.”
DIFC services a region with the largest untapped emerging market for financial services.