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Federal Bank plans office in Dubai

Federal_bankFederal Bank plans to open an office in Dubai as part of its strategy to expand its global footprint and cater to the Indian diaspora. The bank’s MD Shyam Srinivasan said the bank has approached the Reserve Bank of India for the purpose – a representative office in Dubai and is awaiting response. It already has a presence in the UAE with a representative office in Abu Dhabi. In India, the bank has 1142 branches. It is now planning to get into credit card business – possibly in 2015-16, said Srinivasan, and may look for an alliance or an acquisition for the purpose.

The bank’s gross non-performing assets (NPAs) came down to 2.83% at the end of the third quarter from 3.85% at the end of December 2012.

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