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UAE-based bank, Emirates NBD will invest an additional amount of how many million dollars in its India operations?
A)
USD 100 million
B)
USD 150 million
C)
USD 170 million
D)
USD 200 million

Correct Answer :   USD 100 million


UAE-based bank Emirates NBD on Monday(7th Nov 2022) announced an additional USD 100 million investment in its India operations, and added two more branches in Chennai and Gurugram.
 
The lender, having the largest presence in the Middle East region, has so far invested USD 300 million in the last five years of its operations in India in three tranches, its group head for international and group strategy, Neeraj Makin.
 
Its country chief executive for India Sharad Agarwal said its current presence is not as a wholly-owned subsidiary, which is preferred by RBI for units of foreign lenders, and added that its focus is on the corporate and trade segment and not the retail side.
 
Makin said it may add 2-3 more branches, including one in Kolkata, over the next 18 months and will definitely infuse more capital if it happens.
 
Agarwal said at present, its overall balance sheet stands at Rs 5,500 crore, which includes a loan book of Rs 3,000 crore and investment book of Rs 1,500 crore.

By FY24, it is targeting to take the overall balance sheet to USD 1 billion (Rs 8,000 crore), have a loan book of Rs 5,500 crore and Rs 2,500 crore investment book.
 
On the liabilities front, it depends a lot on the 3.5 million strong Indian diaspora in the UAE and the remittances which originate from there, he noted.
 
Makin said Emirates NBD is targeting the banking opportunities coming out of the growing trade between India and the UAE, and also along other corridors like India-Saudi Arabia, India-Turkey and other pockets where it has a presence..

Source : Business Standard

Published On : November 9, 2022
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