NRI plans to open international bank

A Dubai-based Keralite Non-Resident Indian is planning to set up an international bank with headquarters in Bahrain.

A Dubai-based Keralite Non-Resident Indian businessman, Aniyan Kutty, will set up an international bank with headquarters in Bahrain.

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Mr Aniyan Kutty, who also announced plans to launch a budget airline in India, will start the bank with an initial capital of 40 million dollars.

"We are currently looking for business partnerships with other financial institutions in the Gulf region," a newspaper quoted him as saying.

Mr Kutty's no-frills domestic airline 'City Air', with its headquarters in Madras, will begin operations in January with Airbus A 320 and Boeing 737 aircraft, operating 18 flights.

Mr Kutty interests also include shipping, construction and software development. He and his wife have a 34 per cent stake in "City Air" which has a total investment of 22.