Extending its overseas footprint, Axis Bank on Sunday opened a representative office in Dhaka, capital city of Bangladesh.
The Indo-Bangladesh trade is growing and opening office in Dhaka would help in leveraging the opportunity, Axis Bank group executive, (corporate relationship group & international business) P. Mukherjee said.
Towards job creation
“The bank aims to leverage the growing economic integration between the two countries by actively facilitating trade transactions, both inbound as well as outbound. The bank will also contribute towards employment generation, both directly and indirectly in the country,” he said.
“Dhaka operations, primarily focused to promote the trade finance business, will further strengthen the bank’s presence in Asia,” he said.
Axis Bank has already established its presence through branches in Singapore, Hong Kong, DIFC — Dubai, Colombo and Shanghai, with representative offices at Dubai and Abu Dhabi and a wholly-owned subsidiary in the United Kingdom.
Total overseas assets of the Axis Bank stood at $7.51 billion, as on September 30, 2015.
Moving up the value chain
Mr. Mukherjee further said that the representative office would also enable the bank to move up the value chain and enhance its risk return through secondary market risk participations with banks in Bangladesh.
At a later date, he said, the bank may consider to convert this office into a branch, subject to regulatory approvals and business volume.