Tuesday 17 December 2019
Kotak Mahindra Bank Ltd. (Kotak) has launched its first overseas branch at the Dubai International Financial Center (DIFC), Dubai, UAE after receiving regulatory approvals.
The DIFC branch is regulated by the Dubai Financial Services Authority (DFSA).
Opening a branch in DIFC is a strategic move by Kotak to contribute to the rapidly growing business flows between India and the UAE. The branch is ideally positioned between the East and the West time zones, giving Kotak ready access to international customers on both sides of the world.
With a Category 1 branch license, Kotak can accept offshore deposits from professional clients based outside the UAE; provide, arrange and advise on offshore credit; offer investment advisory services; arrange deals in investments and custody; deal in investments as a principal; act as an insurance intermediary; and offer other financial products.
Through its Representative Office in Dubai, Kotak promotes a wide range of India-based products for Non-Resident Indians (NRIs) such as savings accounts and deposits, and home and auto loans.
Kotak Mahindra Group also has international offices in London, New York, California, Abu Dhabi, Mauritius and Singapore.