State Bank of India Launches Corporate Banking Services from DIFC

State Bank of India (SBI) has decided to offer a range of banking services from its base in the Dubai International Financial Centre, also known as DIFC.

In a communiqué, SBI functionaries stated that the bank has been given a full banking license from the Dubai Financial Services Authority, (DFSA) that allows its DIFC division to accept deposits and provide credit, subject to the guidelines of the DFSA.

The sources informed that India's largest banking institution has also obtained a Retail Endorsement to its license that lets it to make arrangements of investments for retail clients and provide credit to SMEs. 

The sources further informed that SBI's DIFC division will offer trade finance and short-term working capital loans comprising Letters of Credit, or  LC and Bank Guarantees, term loans, project finance as well as syndication of credit needs at highly competitive rates.

The branch can accept deposits from non-UAE-based Professional Clients/Corporates in US dollars, Euros and GBP.