UAE-based Emirates NBD invests $100 mn more in India, opens 2 more branches
UAE-based bank Emirates NBD on Monday announced an additional USD 100 million investment in its India operations, and added two more branches in Chennai and Gurugram.
The lender, having the largest presence in the Middle East region, has so far invested USD 300 million in the last five years of its operations in India in three tranches, its group head for international and group strategy, Neeraj Makin, told PTI.
Its country chief executive for India Sharad Agarwal said its current presence is not as a wholly-owned subsidiary, which is preferred by RBI for units of foreign lenders, and added that its focus is on the corporate and trade segment and not the retail side.
Makin said it may add 2-3 more branches, including one in Kolkata, over the next 18 months and will definitely infuse more capital if it happens.
Agarwal said at present, its overall balance sheet stands at Rs 5,500 crore, which includes a loan book of Rs 3,000 crore and investment book of Rs 1,500 crore. By FY24, it i