ADGM office to help ease of doing business for clients from India and the UAE
In a move forging exceptional partnership between India and the Middle East, Mumbai-heaquartered SBI Capital Markets Limited (SBICAPS), has opened its first overseas branch office in Abu Dhabi Global Market (ADGM), an international financial centre and free zone located on Al Maryah Island.
“India and Middle East have forged an exceptional partnership, driven by mutual trust, shared values, and a common vision for economic growth. Our bilateral trade has witnessed an unprecedented expansion, reaching new heights,” said Dinesh Khara, Chairman, State Bank of India (SBI).
“The State Bank of India remains committed to providing seamless financial services to Indian and Emirati businesses. We have established a strong presence in the UAE through our branches, ensuring that businesses have easy access to banking services and tailored financial solutions.
“To further strengthen our economic ties, we must focus on diversifying our trade basket and exploring new avenues of collaboration. In line with this, the ADGM Branch office of our investment banking subsidiary, will act as a credible bridge between growth-oriented investors operating in and from UAE, having patient capital and seeking bankable investment opportunities in India and elsewhere,” he said on 4 July 2023.
The opening of SBICAPS ADGM branch office coincided with the UAE-India Economic Summit: Fostering Synergies – Uniting the Falcon and Tiger Economies. This high-profile event was jointly hosted by SBICAPS and ADGM and attended by Industry Captains from India and UAE. The Summit focused on forging a vibrant and enduring economic alliance along with identifying common growth opportunities for both economies.
“We are witnessing a lot of interest from investors including domestic and international corporates, trusts, financial institutions, specific purpose funds, governments and government linked entities, and professionally run family offices, across jurisdictions and geographies for credible investment opportunities in India,” said Amitava Chatterjee, Managing Director & CEO, SBICAPS.
“Our ADGM office will act as a one-stop-solution centre and help in the ease of doing business for clients from India and the UAE. We also plan to expand our team as business grows and that will enable us to have a significant presence in UAE,” he said.
SBICAPS ADGM branch has received a Category 4 license from the Financial Services Regulatory Authority. The operations will be led by Vishal Gupta, Senior Executive Officer, at the ADGM Branch Office of SBICAPS, a unit of the State Bank of India. Fiinews.com
