(MENAFN- Khaleej Times) Yes Bank, India's fifth largest private sector bank, on Sunday inaugurated a representative office in Abu Dhabi.
Shaikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Social Development, inaugurated the office at an impressive ceremony.
Shaikh Nahyan and Rana Kapoor at the inaugural ceremony of Yes Bank office in Abu Dhabi. - KT photo by Nezar Balout
India's ambassador to the UAE T.P.Seetharam, leading businessmen Dr B.R.Shetty and chief operating officer of the UAE Exchang Sudheer Kumar Shetty, top bankers and corporate leaders attended the event.
Shaikh Nahyan said that the UAE is recognised as an international financial service centre, which offers great scope for the fast growing financial institutions like Yes Bank, which is a success story of entrepreneurship.
He said efficient and outstanding banking and financial services are essential to the UAE continued growth and prosperity.
"The UAE plays a pivotal role in trade and investment for the region and our markets continue to grow"our trade and investment ties with all the countries continues to expand," he said.
The Indian Ambassador termed the timing of Yes Bank's foray into Abu Dhabi as perfect. "We are on cusp of higher growth in terms of interaction between the two countries," he said.
"I think the goodwill between the two countries is still to be fully utilised by both sides and I think we are already on that upward curve," he added.
Rana Kapoor, managing director and chief executive officer of Yes Bank, said his financial institution has entered Abu Dhabi not only to benefit from the UAE fast growing market, but also to enter into the GCC region.
Kapoor, who founded the financial institution 12 years ago, said the GCC region is an important geography for "our NRI business and our Gulf foray will play a key role in our aspiration" to become 'the Savings Bank of India'.
"The opening of our first international office showcases our commitment to growing our footprint in the international banking space," he said.
Kapoor said the bank will provide services for unique investment needs of the Indian diaspora through the flagship Global Indian Banking programme.
he said the bank is keen to expand in some of the key international financial markets in order to serve the large sections of NRI population.
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