Even as the nearly Rs 13,000-crore scam involving diamond trader Nirav Modi has led to public lenders to curtail their overseas presence, Axis Bank today announced a new representative office in Sharjah.
The third largest private sector lender said the representative office in Sharjah, its third in the UAE, will focus on remittances business.
Axis Bank has disclosed indirect exposure, passed on because of the scam that originated at Punjab National Bank. Following the discovery of the scam, the Government asked a slew of state-run lenders to consolidate their foreign presence starting with 35 locations.
In a statement, Axis Bank said the representative office can be used by the diaspora in the northern emirates.
There are over 3 million NRIs in the UAE which makes it an interesting business proposition, it said.
The bank has 20 per cent market share in the USD 12 billion dollar-a-year inward remittances market from the UAE.
"Personal banking transactions, including remittances...have been growing continuously. Opening of the representative office in Sharjah will further extend our presence in the UAE," the bank's executive director Rajiv Anand said.
The bank has branches at the Dubai International Financial Centre, Singapore, Hong Kong and Colombo, a subsidiary in London and a representative office in Dhaka.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.