Emirates NBD opens branch in India
The United Arab Emirates’ second-largest lender, Emirates NBD, has opened its first-branch in Mumbai. It has become the latest Gulf-based bank to launch operations in India.
Emirates NBD expansion is an obvious outcome of growing Indian economy and rising trade between the two countries.
The strategy of diversifying outside home markets is not new to global banking system.
About Emirates NBD
The worth of Emirates NBD is $124 billion. It is the fourth largest lender from the region to open a branch in less than two years. Other gulf-banks operating in India are Qatar National Bank, National Bank of Abu Dhabi and Doha Bank.
Emirates NBD will open more branches in India in future.
It has three branches in Saudi Arabia too which is a prominent trading partner with India with $24 billion in bilateral trade. Emirates NBD will expand in Saudi Arabia too as there are no Indian banks in that country.
Emirates NBD has invested $100 million in its Indian branch as capital so far.
Shayne Nelson, group CEO at Emirates NBD, said banks from the Gulf are entering India as they are just following their clients into India. There is huge market for trade between the regions.
The size of the population and economic growth in India makes it an attractive market.
About UAE and India
The history between the UAE and India is deep. It is India’s third largest trading partner with trade worth $38 billion.