IndusInd Bank eyeing tie-ups in Middle East

IndusInd Bank will have strategic business tie-up with more banks in the Middle East, according to its managing director Bhaskar Ghose.

Addressing a press conference, he said that the bank would explore the possibilities for similar tie ups in countries like US, UK and South East Asian countries. IndusInd Bank already has a tie up with the Union National Bank (UNB) of the UAE and plans to spread the arrangement beyond remittance business in more countries.

"We seamlessly integrated the services of UNB with our RTGS. Money coming in from the UAE will be routed to different branches within hours. The arrangement is the first of its kind in the Indian banking industry," he claimed.

He said that the tie-up would also help get more NRI business to UNB which has 37 branches in the UAE. UNB could even arrange loans to small and medium scale Indian companies operating in the UAE with the guarantee from IndusInd Bank.

The total business of IndusInd Bank has crossed Rs 27,000 crore with total deposits of Rs 15,000 crore. He said that the CD ratio of the bank had increased to 67 percent as against the industry average of 69 percent. Ghose said that the bank was planning to open more branches in almost all states in the country especially in those areas with greater NRI population. "We have applied for licenses to open branches," he added.