The Representative Office will be engaged primarily in promoting the Bank's retail NRI products and services as well as providing support in facilitating transactions between branches of the Bank in India and the NRIs based in Dubai.
Speaking on the occasion, P J Nayak, Chairman and CEO of the Bank said,
"This further extends our presence in international markets, as a response to the growing globalization of the Indian economy. Personal banking transactions between the UAE and India are growing rapidly, and our Representative Office in Dubai will complement the corporate banking services offered out of our branch in the DIFC for facilitating part of the banking needs of Indians based in the UAE."
India's growing integration with the global economy has opened opportunities to leverage the Bank's strengths in overseas markets. The Bank has established its presence in Singapore, Hong Kong, Dubai (DIFC) and Shanghai apart from concluding strategic alliances with Banks and Exchange Houses in the GCC region. While branches in Singapore, Hong Kong and DIFC-Dubai provide platforms for offering Corporate Credit and Trade Finance solutions in the financial hubs across Asia and enable the Bank to partner with Indian corporates foraying into the international markets, the new Representative Office in Dubai would, in conjunction with the Bank's alliance partners, enable access to the large NRI population in the UAE.
Axis Bank also has a network of 685 branch offices and 2798 Automated Teller Machines (ATMs). The branches, spread across more than 408 cities and towns, enable the Bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segments. The Bank's ATM network is the third largest in India.
Axis Bank has the second largest Point of Sale Terminal (POS) and the third largest base of debit cards in India. Axis Bank has a customer base of 9 million and provides payroll services to over 12,000 Corporates across 2.8 million salary accounts. The market capitalisation of the Bank as on April 30, 2008 was $8.15bn; Axis Bank is the fourth largest Bank by market capitalisation in India.
The Bank's centralised database enables customers to operate their accounts from anywhere in the country. The Bank's offers comprehensive details about its various schemes.