Private sector lender Kotak Mahindra Bank today said it has received RBI approval for its maiden international branch at the Dubai International Finance Centre (DIFC).
"This will be the first international branch of Kotak. The approval from RBI is subject to the necessary approvals to be received from the host regulator, viz Dubai Financial Services Authority (DFSA)," the bank said in a statement.
It can be noted that DIFC is a favourite with Indian lenders looking to have an international presence and many have branches at the location. However, interest has waned post opening of an IFC at Ahmedabad.
Kotak Mahindra Bank said DIFC is one of the leading global financial centres with sizeable business opportunities and it wants to access offshore markets and improve capabilities in forex operations through a presence there.
The bank said it will be able to raise offshore deposits from individuals and non-individuals and also offer offshore asset products through the branch.
The presence will enable it to participate in financing the increasing global trade flows with India, provide loans and develop a platform to build the bank's syndication and structuring capabilities, it said.
At present, the bank has international offices in London, New York, Texas, California, Dubai, Abu Dhabi, Mauritius and Singapore.
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