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Corporation Bank sets up base in Dubai
Thursday, Oct 2, 2008

India's Corporation Bank has set up a representative office in Dubai. Bank chairman and managing director B. Sambamurthy said the bank would provide banking consultation and financial services while promoting the bank's retail products, including insurance and mutual funds. He said the bank hoped to promote investment both in India and the UAE. The government-owned bank offers products and services such as international debit cards, credit cards, internet banking and various utility payment facilities. It has various deposit and loan schemes, speed remittance and other banking services for non-resident Indians (NRIs) based in the Gulf.

"We hope to provide Indian communities with an opportunity to trade and invest, while providing banking services as well," he said. Sambamurthy said the Indian bank was weathering the global financial storm and stressed that its operation differed markedly from that of its Western counterparts, therefore providing it with a degree of security."

The bank's representative office in Bur Dubai was inaugurated recently in the presence of Saeed Abdullah Al Hamiz from the UAE Central Bank, and Indian Consul General Venu Rajamany. Established in 1906, the bank has a presence in India in over 2,000 service outlets, 1,000 branches and 1,000 ATMs in the states of Kerala, Goa, Karnataka, Gujarat and Maharashtra.

 

 

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