Top private lender HDFC Bank has opened a branch in Dubai, its third overseas, to primarily provide wealth management services to the large Indian diaspora in the Gulf city.
This is the city-headquartered bank's third overseas branch after Bahrain and Hong Kong, the bank said in a statement today.
In the United Arab Emirates, the second largest private lender has representative offices in Dubai and Abu Dhabi, and plans to continue running both of them, it said.
"The new branch at Dubai International Finance Centre (DIFC) will offer advisory services to NRIs regarding treasury products, trade finance, loans and other related services," the statement said.
The branches at Bahrain and Hong Kong offer corporate, trade finance, loans and deposits to corporates and ultra high net worth individuals, it added.
DIFC has a sizeable presence of Indian banks and many, including IDBI Bank, have branches there but they primarily help domestic corporates raise money abroad.
