IDBI Bank is going to set up its branch in Dubai and has received license from the Dubai Financial Services Authority (DFSA). The bank would be providing complete range of corporate banking services along with financial advisory services.

The bank's branch would not only cater to Indian customers but also entertain clients from the Middle East.

The bank stands as the second largest syndicator of loans in India and fourth in Asia Pacific.

According to India's Minister of State for Finance Namo Narain Meena, "In India, IDBI Bank has been a forerunner in the area of industrial financing and has therefore played a pivotal role in financing, developing and nurturing the industrial and financial architecture in India. It is a testimony to the global importance of Dubai that IDBI Bank has now opened its first overseas branch at the DIFC. Apart from the fact that Dubai is a significant financial and trade hub, DIFC provides the right platform to IDBI Bank to commence its overseas banking endeavors."

B.P. Singh, Deputy Managing Director, IDBI Bank said: "Our decision to establish an office in DIFC reflects our strong belief in the vast growth potential of GCC region. Apart from being a hub for the Bank's regional operations, the Dubai office will also serve as IDBI Bank's nodal point for raising foreign currency resources from the US and European markets in addition to the Asian markets."