V. J. Santhanam, Chief Executive for UAE & Oman Operations, said total deposits have jumped by 25.6 per cent to reach Dh2528 million In June 2006.
Advances have gone up by 25.9 per cent over the previous half year to reach Dh2236 million in June 2006.
"The growth is well-spread in various segments such as commercial advances, trade finance, retail lending, consortium and syndicated loans to clientele of the UAE," he said.Bank of Baroda, the only Indian bank operating in the UAE, has six branches. The bank has modernised its Dubai branch with state of the art technology and started Universal Teller system. The bank's UAE operations have been given priority for the technology upgrading. The bank is in the final stage of implementing the core banking solutions (CBS) globally and the UAE branches are also included in the first phase itself. According to Santhanam, the roll out of CBS for the UAE branches will take place in a few days.
New contract will also see significant investment in technology to improve the customer experience, accessibility and security
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With strong partnership with Galadari Brothers, the Japanese conglomerate sees more demand for heavy equipment in the UAE on investment in infrastructure, tourism and other industries
The airline first flagged the problems it is grappling with due to spare parts shortages in January this year