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Informist, Wednesday, Apr. 29, 2026

 

--Indian Bank: Plan to open representative office Dubai 
--CONTEXT: Comments by Indian Bank's mgmt at media call post Q4 earnings 
--Indian Bank: Plan to expand in Malaysia, Indonesia

 

NEW DELHI – To cater to retail customers settled in Dubai, Indian Bank is planning to open a representative office in Dubai, Binod Kumar, managing director and chief executive officer of the bank, said Wednesday. "We have a good number of non-resident Indian retail customers who have accounts with us and are settled in Dubai. The Indian population is around 33% in Dubai and the government has also entered into free trade agreement with Dubai. The relationship with Dubai is very strong, that is why we are planning to open a representative office there," he said at a post earnings press conference in Chennai.

 

"We have to take approval from the Reserve Bank of India and other competent authority. The representative office will not be a full-fledged branch, it will be a customer servicing point," Kumar told reporters. The bank also plans to expand in Malaysia and Indonesia.

 

The board of the bank also approved raising equity capital up to INR 50 billion through rights issue, qualified institutional placement, and follow-on public offer. "We will see at the appropriate time, if there is requirement we will go for QIP," Kumar said.

 

The Chennai-based lender posted a net profit of INR 31.03 billion for the March quarter, marginally higher than INR 30.62 billion in the trailing quarter. Shares of the bank closed 2.3% lower at INR 875.55 on the National Stock Exchange.  End

 

Reported by Sagar Sen and Krity Ambey

Edited by Vandana Hingorani

 

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