Federal Bank opens office in Abu Dhabi

Kerala-based Federal Bank starts its international operations by setting up a representative office at Abu Dhabi in the UAE.

Kerala-based Federal Bank on Tuesday started its international operations by setting up a representative office at Abu Dhabi in the UAE.

HT Image

The bank had got the Reserve Bank's approval for opening its first representative office in January last year.

The lender, through this office, aims to woo NRIs and customers in the Middle East.

The bank has associated itself with 23 exchange houses and eight lenders in the Gulf to offer Rupee Draft drawing and tele-remittance arrangements, the bank said.

The bank, which has an approval from the monetary regulator to open about 66 new branches in the country itself, becomes the first private sector lender to open a representative office in the Gulf, the bank said in a communiqué.

Federal Bank recently rose about Rs 2,125 crore through the rights issue, raising its net worth to Rs 4,000 crore.

The bank also recently got the regulatory approvals for a joint venture with IDBI and Fortis Insurance to provide financial products, other than banking, to the customers.

The bank rose about Rs 2,125 crore through a rights issue recently.

The shares of the bank closed at Rs 294.85, down 4.46 per cent, at the BSE.