India's Corporation Bank has set up a representative office in Dubai.
Bank chairman and managing director B. Sambamurthy said the bank would
provide banking consultation and financial services while promoting
the bank's retail products, including insurance and mutual funds. He
said the bank hoped to promote investment both in India and the UAE.
The government-owned bank offers products and services such as international
debit cards, credit cards, internet banking and various utility payment
facilities. It has various deposit and loan schemes, speed remittance
and other banking services for non-resident Indians (NRIs) based in
the Gulf.
"We hope to provide Indian communities with an opportunity to
trade and invest, while providing banking services as well," he
said. Sambamurthy said the Indian bank was weathering the global financial
storm and stressed that its operation differed markedly from that of
its Western counterparts, therefore providing it with a degree of security."
The bank's representative office in Bur Dubai was inaugurated recently
in the presence of Saeed Abdullah Al Hamiz from the UAE Central Bank,
and Indian Consul General Venu Rajamany. Established in 1906, the bank
has a presence in India in over 2,000 service outlets, 1,000 branches
and 1,000 ATMs in the states of Kerala, Goa, Karnataka, Gujarat and
Maharashtra.
