Kerala based, Federal Bank announced that RBI has given its approval vide letter dated 08 November 2016 to open a representative office of the Bank in Manama, Bahrain and also to open a branch in DIFC, Dubai, UAE. the permission is subject to other approvals from the host regulator, Dubai Financial Services Authority. The proposed branch at Dubai will help the Bank serve its Non-Resident clientele better, the statement added.

Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).

The private sector bank operates through a branch network of 1,252 branches and 1,524 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs. 1.37 Lakh Crore as at March 31, 2016.

Do you know?

• The Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala.
• As on 31 March 2016, Federal Bank has 1252 branches spread across 24 states and 1516 ATMs across the country.
• Its balance-sheet stood at Rs 1.37 trillion as of end March 2016 and its net profit stood at Rs 475 crore for the full fiscal year.
• Shri Shyam Srinivasan took charge as the Managing Director & Chief Executive Officer of The Federal Bank Ltd, a major private commercial bank in India. He took over as the CEO of the bank on 23 September 2010.