Indian Bank HDFC Opens Branch In Dubai Free Zone
by Lorys Charalambous, Lowtax.net, Cyprus
14 August, 2014
HDFC Bank, one India's largest banks, opened an office in the Dubai International Financial Center on August 11, 2014.
The bank's DIFC branch will offer a range of wealth management services to high net-worth non-resident Indians (NRIs) who are based in the United Arab Emirates (UAE), including advisory services on treasury products, structured products, trade finance, and loans.
HDFC already has branches in Bahrain and Hong Kong, which provide a range of products for corporates and small and medium enterprises (SMEs). Ashish Parthasarathy, Group Head of Treasury at HDFC, said that the opening of the DIFC branch will facilitate the distribution of such products to Gulf clients.
Abhay Aima, Group Head – Equities, Private Banking, said: "Nearly 40 percent of our NRI deposits come from the UAE and about 65 percent of this comes from Dubai."
The DIFC is a free zone located in Dubai, the United Arab Emirates. It offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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