NBAD of UAE has been granted License in India and New India Assurance Company of India, are planning to setup in the DIFC, enhancing financial ties between India and UAE.
While the whole world was focused on BJP’s historic victory in the Assembly elections 2014, and the chaos between Russia and Ukraine, two significant developments strengthening financial ties between India and UAE almost went noticed.
National Bank of Abu Dhabi ( NBAD) named as the Safest Bank in the Emerging Markets, and one of the largest banks in UAE has been granted banking license to operate in India.
In return an Indian Bank is expected to be allowed to operate in the U.A.E. and State Bank of India is the most likely candidate.
India would be the latest addition to NBAD’s growing International network of 60 branches in 18 countries across 5 continents.
NBAD joins, Abu Dhabi based Abu Dhabi Commercial Bank( ADCB) and Dubai based Mashreq Bank, who are already operating in India, while Bank of Baroda is the only Indian bank having a banking license in UAE.
The latest development is New India Assurance Co. Ltd, the largest General Insurance Company in India is planning to open its Middle East hub in Dubai International Financial Centre (DIFC) as part of its strategic move to enhance its footprints in the region.
The company intends to augment growth in retail segment by focusing on Health Insurance, personal accident cover and home protection.
The company is aspiring to capitalize on the strong economic revival in the UAE in terms of premium growth. “We see huge opportunities as the economic growth picks up momentum. We are looking at expanding our health insurance portfolio in the context of Dubai making health insurance compulsory,” said G. Srinivasan, Chairman and Managing Director of New India Assurance.
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