The Central Bank of India, a leading public sector bank, may soon be joining the swelling rank of Indian financial institutions that have already set up presence in the UAE to tap the business opportunities in a region boasting a large concentration of non-resident Indians.
The bank, which is marking its centenary celebrations in 2011, has started exploring possibilities of setting up a representative office in the Emirates, and is even pondering the opening of a branch at Dubai International Financial Centre, an offshore financial district.
The Gulf foray is part of the bank’s overseas expansion plan that will see “the sleeping giant” embarking on an aggressive growth swing after “a period of stagnation,” Central Bank of India’s Executive Director Rajeev Kishor Dubey told Khaleej Times on the sidelines of an investment seminar in Dubai. The overseas expansion would see the bank — the third largest public sector bank in India in terms of branch network — expanding its reach to Hong Kong, Bhutan, Nigeria, Tanzania and Mozambique.
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