State Bank of India (SBI) offers banking services from DIFC.Byline: news@cpifinancial.net (Staff Writer) State Bank of India State Bank of India (SBI) (LSE: SBID) is the largest bank in India. If one measures by the number of branch offices and employees, SBI is the largest bank in the world. Established in 1806 as Bank of Bengal, it is the oldest commercial bank in the Indian Subcontinent. (SBI SBI Special Background Investigation SBI Subsidiary Body for Implementation SBI State Bank of India SBI Secure Border Initiative SBI Small Business Institute SBI Stockholm Brain Institute SBI Serious Bacterial Infection SBI Society of Breast Imaging ), has started providing a complete range of banking services from its base in the DIFC DIFC Dubai International Financial Centre . SBI has received a full banking licence from the regulator, the Dubai Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (DFSA DFSA Dubai Financial Services Authority (Dubai International Financial Centre) DFSA Direct File System Access (MOSIX) DFSA Drug-Facilitated Sexual Assault DFSA Deterministic Finite State Automaton ), which enables its DIFC branch to accept deposits and provide credit. The bank has also obtained a Retail Endorsement to its licence, which enables it to arrange investments for retail customers and offer credit to small and medium enterprises (SME). <p>SBI's DIFC Branch will provide trade finance and short-term working capital loans including Letters of Credit (LC) and Bank Guarantees, term loans, project finance and as well as syndication of credit requirements at highly competitive rates. The branch has a special desk to handle LC related activity. <p>The branch can arrange and advise on the investment products of the State Bank Group and other reputed fund houses. It can also accept deposits from non-UAE-based Professional Clients/Corporates in US dollars, Euros and GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. . <p>The team at SBI - DIFC Branch is headed by Chief Executive Officer AJ Vidyasagar. "SBI has upgraded its operations in the region despite the present economic downturn, which reflects our immense faith in the potential of the UAE and the wider market and also in our own ability to do profitable business under any circumstances. The trading and industrial community in the Gulf consists of many companies with an Indian connection, which is a base for the bank to further build its business across the wider region," Mr. Vidyasagar said. 2009 CPI Financial. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion