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State Bank of India (SBI) has received a full banking license from the regulator, the Dubai Financial Services Authority (DFSA), which enables its Dubai International Financial Centre (DIFC) branch to accept deposits and provide credit, subject to the regulations of the DFSA.
The Indian bank has also obtained a retail endorsement to its license, which enables it to arrange investments for retail customers and offer credit to small and medium enterprises (SME).
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. The branch has a special desk to handle LC related activity.
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 British pound sterling. The team at SBI - DIFC branch is headed by its CEO AJ Vidyasagar.
Mr Vidyasagar said: "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."
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