Yes Bank, India’s fifth largest private sector bank, has announced its international foray by launching its first overseas representative office in Abu Dhabi, UAE.

The office was inaugurated by Sheikh Nahayan Mabarak Al Nahayan, the UAE Minister of Culture, Youth, and Social Development in the presence of TP Seetharam, Ambassador of India to the UAE along with Rana Kapoor, the managing director and chief executive of Yes Bank.

Taking its first step towards global expansion, the bank said it has opened its door to the NRI population residing in UAE with this new office.

Located at AI Ghaith Office Tower, 205, Hamdan Street, Abu Dhabi, the bank will provide services for unique investment needs of the Indian diaspora in the UAE capital through its flagship Global Indian Banking program, said Yes Bank in a statement.

The schemes include NRE/NRO savings account and fixed deposits; foreign currency fixed deposit (FCNR); portfolio investment scheme (PIS) to transact in the Indian Secondary Market
and the Yes First Wealth management programme.

Speaking at the launch, Rana Kapoor, the founder, managing director and CEO said: "The GCC region is an important geography for our NRI business and our Gulf foray will play a key role in our aspiration to become ‘the Savings Bank of India’."

"The opening of our first international office showcases our commitment to growing our footprint in the international banking space," he added.-TradeArabia News Service