(MENAFN- Khaleej Times)Federal Bank has signed a memorandum of understanding (MoU) with the authorities of GiftCcity.
Kerala-based privatebanker Federal Bank hasjoined India’s top lendersby deciding to set up acentre for foreign currencytransactions at thecountry’s first internationalfinancial servicescentre in at GujaratInternational FinanceTec-City (Gift) coming upnear here.
Federal Bank whichrecently received thego-ahead from theReserve Bank of India forsetting up a representativeoffice in Dubai hassigned a memorandumof understanding (MoU)with the authorities of
GiftCcity.
The bank which hasa business of morethan Rs1220 billionhas posted a rise of 1.17per cent in its net profit
at Rs2.8 billion for thequarter ended March31 2015 compared toRs2.77 billion for thesame quarter in the
previous year.
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