Federal Bank to set up office in Abu Dhabi

KOCHI: Kerala-based Federal Bank Limited has got clearance from Central Bank of UAE to open a representative office in UAE, making it the first Indian bank to set up such an office in Abu Dhabi. Federal Bank will now be able to offer more personalised service to its four lakh customers located in UAE and other Gulf countries. Federal bank has remittance arrangements with 20 Exchange Houses and eight banks in the Middle East. The Bank has plans to establish a wholly-owned subsidiary in Dubai International Financial Centre Federal Bank International to cater to wholesale and investment banking. The representative office and the subsidiary are hoped to provide further fillip to the bank''s vision to emerge as a prominent player in the Middle East.