The Hindu : Business : SBI acquires higher profile in the Gulf

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Thursday, Oct 16, 2008
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SBI acquires higher profile in the Gulf

Atul Aneja

To launch new services from Dubai centre

DUBAI: State Bank of India (SBI) is set to expand its footprint in the Gulf, with an offer of brand new services for its clients in the United Arab Emirates (UAE). Armed with a Category 1 licence from the Dubai Financial Services Authority (DFCA), SBI will now be in a position to accept deposits, provide credit, arrange credit for investments, and offer advice on financial products. The bank will launch its new operations from its branch at the Dubai International Financial Centre (DIFC), a rapidly growing global hub for banking, capital markets, insurance, asset management and other financial services.

“Our services are open to all nationals as we are determined to acquire a more prominent niche as a global player in international banking circles,” said A. J. Vidyasagar, Chief Executive Officer of SBI’s branch at DIFC. He added that SBI, ranked fifty seventh globally, already had a natural advantage of servicing Indian clients involved with trading activity or investments in the Gulf.

Mr. Vidyasagar pointed out that the branch would provide working capital as well as trade finance, both fund based and non-fund based, term loans and project financing.

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