Federal Bank Gets Rbi Nod To Enter Kuwait, Bahrain And Singapore

24 July 2018 Kuwait

South India-based private sector lender Federal BankNSE 2.45 % has received the regulatory nod to open offices in Bahrain, Kuwait and Singapore, but is awaiting local clearances before it starts operations, a top official has said. 

The bank already has representative offices in Abu Dhabi and Dubai. While the majority of Indian banks are planning to downsize their overseas operations, Federal Bank’s announcement comes as a pleasant surprise for Indians residing abroad.

“We have received the Reserve Bank nod for having representative offices in Bahrain, Kuwait and Singapore and are now awaiting clearances from local regulators in the host countries,” said Shyam Srinivasan, Chief Executive Officer and Managing Director, Federal Bank.

Srinivasan, however, did not announce any timeline on the approval from local regulators, saying it depends on a lot of factors.

While the public sector lenders have been reducing their overseas presence as part of a government directive, post the Nirav Modi fraud, the private lenders have been continuing with their overseas expansion plans, Axis Bank and YES Bank are the latest ones to do so.

 

SOURCE : IIK

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