The Dubai Financial Services Authority has upgraded the Hinduja Bank's licence, a move that will allow it to provide a whole range of financial services to clients in Europe, Middle East and South Asia.
"The new licence enables it (Hinduja Bank-Middle East) to provide full range of banking services from the Dubai International Financial Centre (DIFC)", the bank said in a release.
Hinduja Bank (Middle East), a subsidiary of the Hinduja- promoted bank in Switzerland, started operations 16 months ago and now has been provided the licence to operate as Category-1 bank by the DFSA.
"The upgrade of the Hinduja Bank's licence will enable it to make a greater contribution to the future growth of the region... Dubai will be the crucial economic and financial link between the Middle East, Asia and the West", said Group chairman S P Hinduja.
Over 850 global companies have already registered with the DIFC, which offers incentives like 100 per cent foreign ownership, zero tax on income and profit, and free foreign exchange regime.