Indian banks are established in the United Arab Emirates

Until now only one Indian bank, the Bank of Baroda, has existed within the region but now it's time for more.

The two major Indian banks, IDBI Bank and Punjab National Bank (PNB) are now established with a category 1 license.

A category 1 license is obtained from the Dubai International Financial Center (DIFC) and is necessary to operate the financial banking activities through representative offices. A license is obtained after several criteria have been met.

HSBC establish in the region since many years

Independent banking analysts believe the Indian banks' timing is perfect. Last year, the market in the region had been inactive, but a significantly higher activity has been noted in the last quarter.

Furthermore, economic growth in the UAE is predicted and also that more GCC countries will greatly improve in 2010.

Established Indian companies in the region have wanted to see this development for a long time and have been the driving force for the Indian banks.

For these companies, it will become much easier to perform and receive various financial services between the UAE and India in the future.

Cecilia Helland

Facts GCC

GCC - Gulf Cooperation Council
GCC is a cooperative organization, formed in 1981 between Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates
The cooperation aims to deepen regional integration and involves a wide range of issues including economy, politics, security, education, culture and health. The GCC countries have a common customs union.

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