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Vijaya Bank eyes Gulf market to expand its retail business

/ 9 January 2011

DUBAI — India’s Vijaya Bank on Saturday completed its road shows in Dubai and Abu Dhabi to interact with its existing NRI customers and to introduce its products and services to prospective clients with an objective is to expand its business on the retail side.

The shows were held while the bank is in the process of opening a representative office in Dubai, its Chairman and Managing Director Albert Tauro told Khaleej Times in an interview.

“We have submitted our application to the Reserve Bank of India. Once we get regulatory clearance, we will approach the UAE Central Bank for their clearance. The rep. office will help us liaise and procure business for the bank’s branches in India,” Albert said.

About the benefits of the road shows, he explained that Vijaya Bank has been offering NRI services for a long time and enjoys a strong client base, specially since the bank is a western coast based bank and there is a large number of NRIs from the region.

The bank also has a network of correspondent banks world wide, bit no physical presence outside India.

“We have an excellent track record of our standard of services to NRIs back home. Our clients all over the Gulf are loyal and have been with us for decades. We felt the need to meet our clients and strengthen our relationship with them at the road shows and through one-to-one meetings,” he said.

“We were able to assess the needs of the clients, look at their new requirements and their investment plans,” Albert said.

He said that the bank is looking into expanding its tie ups with exchange companies in the Gulf countries.

Bangalore-based Vijaya bank is a public sector bank with a pan-India footprint. Founded in 1931 in Mangalore by a group of visionary agriculturists, the bank has today a network of 1180 branches, 47 extention counters and some 500 ATMs that span all 28 states and four NRI services with proven credentials as an IT-centric bank and strong customer centric ethos.

“We offer a 100 per cent core banking solution,” Albert said.

The NRI services include deposits (NRE, FCNR (B), non-resident account, resident foreign currency deposit account), loans, remittances, forex branches, and helpline for NRIs.

Albert, who has been with Vijaya Bank for some two-and-a half-years, said that the bank is well-organised, well-structured, and well-managed.

“Now, we have to improve our asset quality, and develop our human resources to employ younger people with new skills and knowledge,” he said.

 business@khaleejtimes.com

 
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