CBB licence for HDFC Bank of India

The Bahrain operation will be HDFC Bank's first branch outside India.

The Bank was incorporated in 1994 by Housing Development Finance Corporation (HDFC) Limited, a premier Indian housing finance company established in 1977.

HDFC Bank, whose shares are quoted on the Bombay Stock Exchange, is a commercial bank, which also undertakes wholesale banking and treasury operations. Major shareholders of HDFC Bank include HDFC Limited and other investors. Total assets of the Bank stood at US$21.2 billion at the fiscal year ending 31 March 2007.

The Bahrain branch of HDFC Bank will undertake trade finance, wholesale deposit products, loan syndication as well as wealth management.

"The CBB welcomes HDFC Bank to Bahrain," said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.

Growth opportunities for financial institutions operating between the GCC and India are tremendous, with many GCC banks undertaking multi-billion dollar projects in India, he pointed out.

On their part, Indian banks can take advantage of the unprecedented growth taking place in Bahrain and the broader Middle East region, which is attracting heavy investment by Indian investors.

"The GCC region and India are among the fastest growing regions in the world, today, and financial institutions willing to take first-mover advantage stand to benefit considerably," said Mr. Al Bassam.