ABU DHABI: National Bank of Abu Dhabi plans to set up a regional financial base in India before the end of this year as part of its overseas expansion strategy, two sources aware of the matter said.
The largest lender by market value in the UAE is the first Emirati bank to be granted a banking license in India since 1980.
It joins two other UAE banks, Abu Dhabi Commercial Bank and Dubai’s Mashreq in having operations in the country.
“NBAD has got approval from the Reserve Bank of India, opening the door for business there,” one of the sources said.
The second source said the bank planned to set up operations in Mumbai in the second half of 2014.
Mumbai hub for top Abu Dhabi bank
