HDFC Bank opens branch at Dubai
New branch located at the Dubai International Finance Centre.
- (1888PressRelease) August 06, 2014 - HDFC Bank Ltd, the second-largest private sector bank in India, opened its branch in Dubai International Financial Center to provide wealth management services to the non-resident Indians based in the UAE.
This is the bank's third branch outside India, the other two being located at Bahrain and Hong Kong. The bank will continue to operate the existing two representative offices in the UAE located at Dubai and Abu Dhabi.
The new branch will offer advisory services to NRIs regarding treasury products, trade finance, loans and other related services. The bank's Bahrain and Hong Kong branches offer corporate, trade finance, loans and deposits to both corporates and ultra high net worth individuals.
The representative offices in U.A.E. will continue to be engaged in facilitation of services for NRIs regarding their accounts held with branches in India, HDFC Bank also partners with exchange houses across Gulf Co-operation Council (GCC) countries for NRI remittances.
"The UAE, and DIFC in particular, has emerged as a major financial center and the launch of this branch reflects our commitment to the Indian community in the region. We will continue to expand our off-shore operations to meet the banking requirements of our valued customers," said Mr. Abhay Aima, Group Head - Equities, Private Banking, Third Party Products, NRI and International Consumer Business, HDFC Bank.
Mr. Ashish Parthasarthy, Group Head - Treasury, HDFC Bank said, "The bank is offering a wide range of products for corporates / SMEs through its Bahrain & Hong Kong branches. With the setting up of DIFC branch the distribution of such products to Gulf clients will be easier."
As of June 30, 2014, the Bank had a distribution network with 3,488 branches and 11,426 ATMs in 2,231 cities/towns.
About HDFC BANK
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 28.9 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The bank's competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 20 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of June 30, 2014, the Bank had a distribution network with 3,488 branches and 11,426 ATMs in 2,231 cities/towns.
For the quarter ended June 30, 2014, the Bank's total income was INR 130.7 billion (`13,070.7 crore) as against INR 115.89 billion (`11,589 crore) for the quarter ended June 30, 2013. Net revenues (net interest income plus other income) were INR 70.22 billion (`7,022.2 crore) for the quarter ended June 30, 2014, as against the corresponding quarter of the previous year. Net Profit for the quarter ended June 30, 2014, was INR 22.33 billion (`2,233.0 crore), up by 21.1% over the corresponding quarter ended June 30, 2013.
Total income for the year ended March 31, 2014, was INR 490.55 billion (`49,055.2 crore). Leading Indian and international publications have recognised the bank for its performance and quality.
For more information please log on to: www.hdfcbank.com
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