Kochi-based Federal Bank today said it has received approvals from the Reserve Bank to open a representative office in Dubai, its second office in the Emirate.
"Federal Bank has been granted approval by the Reserve Bank to open a representative office in Dubai, UAE," the old generation private sector lender said in a statement.
The representative office will function as a source of information to NRIs interested in foreign investments in the country, apart from serving the diaspora.
The bank already has a representative office in Abu Dhabi, making the Dubai office its second overseas office.
Federal Bank has a branch network of 1,174 and 1,371 ATMs spread across the country. Its balance-sheet stood at Rs 1.03 trillion as of end March 2014 and its net profit stood at Rs 839 crore for the full fiscal.
