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State Bank of India Starts Offering Corporate Banking Services From DIFC |
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08.21.2009 |
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State Bank of India has received required sanctions from the Dubai Financial Services Authority to provide corporate banking services. It has also started offering these services from its unit office in the Dubai International Financial Center, reported the Khaleej Times.
The bank had started its operations in Dubai two years back with a Category IV license. This license restricts the bank to offer limited services such as arranging and advising of financial services.
Now, the bank has obtained a Category I license by the UAE authorizes and its Dubai International Financial Centre (DIFC) branch has obtained a retail endorsement in its license, which will enable it to arrange investment deals like investment in mutual funds to retail clients also, according to the news source.
AJ Vidyasagar, CEO of State Bank of India, was quoted as saying: "Now we have been granted Category I license by the UAE authorities, and we will be able to involve in the entire gamut of corporate finance operations like lending and accepting deposits from corporate houses.
"Of course there are some restrictions like we can do business only in other currencies and not in dirhams. Also, we can accept deposits only from outside markets, and not from the local market."
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Source:www.istockanalyst.com |
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