Indian Bank is looking to expand its overseas presence by setting up a representative office in Dubai, with the move aimed at tapping the large Indian expatriate community in West Asia.
Indian Bank MD and CEO Binod Kumar told PTI, "We are getting good business from our GIFT City branch, including participation in various syndicated loans...my aim now is to open a rep office in Dubai...We have a good number of non-resident Indians settled in Dubai and about 33 per cent of the working population is Indian,"
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Indian Bank already has an overseas presence, with a full-service international branch in Singapore and branches in Colombo and Jaffna in Sri Lanka. The bank also operates an IFSC Banking Unit at GIFT City in Gandhinagar, which functions as an offshore or foreign branch.
Beyond Dubai, Indian Bank is also exploring the possibility of establishing a presence in Malaysia and Indonesia, Kumar said, as the lender seeks to expand its international footprint. On the domestic front, the public sector lender plans to open 100 new branches this year, with a particular focus on expanding its presence in central and western India.
Kumar said the bank opened 100 branches last year and has similar plans for the current year. On August 15, its foundation day, Indian Bank inaugurated 15 branches across the country.
Workforce to Rise by 2,500
To accommodate expanding business demand and fill vacancies created by retiring staff, Indian Bank is set to bolster its workforce by hiring approximately 2,500 professionals, including specialist officers.
The bank, currently the seventh-largest public sector bank, expanded significantly in eastern India and Uttar Pradesh following the amalgamation of Allahabad Bank in 2020.
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Kumar said the lender is now seeking to strengthen its presence in the central and western parts of the country, while simultaneously expanding its international operations.
(With PTI inputs)
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