<p>UAE-based bank Emirates NBD on Monday announced an additional $100 million investment in its India operations, and added two more branches in Chennai and Gurugram.</p>.<p>The lender, having the largest presence in the Middle East region, has so far invested $300 million in the last five years of its operations in India in three tranches, its group head for international and group strategy, Neeraj Makin, told <em>PTI</em>.</p>.<p>Its country chief executive for India Sharad Agarwal said its current presence is not as a wholly-owned subsidiary, which is preferred by RBI for units of foreign lenders, and added that its focus is on the corporate and trade segment and not the retail side.</p>.<p>Makin said it may add 2-3 more branches, including one in Kolkata, over the next 18 months and will definitely infuse more capital if it happens.</p>.<p>Agarwal said at present, its overall balance sheet stands at Rs 5,500 crore, which includes a loan book of Rs 3,000 crore and investment book of Rs 1,500 crore. By FY24, it is targeting to take the overall balance sheet to $1 billion (Rs 8,000 crore), have a loan book of Rs 5,500 crore and Rs 2,500 crore investment book.</p>.<p>On the liabilities front, it depends a lot on the 3.5 million strong Indian diaspora in the UAE and the remittances which originate from there, he noted.</p>.<p>Makin said Emirates NBD is targeting the banking opportunities coming out of the growing trade between India and the UAE, and also along other corridors like India-Saudi Arabia, India-Turkey and other pockets where it has a presence.</p>.<p>Agarwal added that no other lender is willing to take a risk on Turkey at present given the situation in the country due to issues like high inflation, but added that Emirates NBD is supporting Indian exporters.</p>.<p>On the investment operations side, it is presently engaged in commercial paper and is looking at corporate bonds as well, Agrawal said.</p>.<p>Makin said the bank has an acquisitive side, having bought over BNP Paribas' operations to enter Egypt, but added that there are no such plans for India at present.</p>.<p>Singaporean bank DBS' acquisition of domestic private sector lender Lakshmi Vilas Bank was "watched with interest" by Emirates NBD, Makin noted.</p>.<p>Emirates NBD has toyed with the idea of operating as a wholly-owned subsidiary -- something which DBS did before the acquisition -- but has kept away from it because of challenges like mandatory listing and other difficulties, he said.</p>.<p>The bank does not have a captive development centre in India, but has contracted an IT services vendor here to help drive its global operations, Makin said, adding that it has created hundreds of jobs locally. </p>
<p>UAE-based bank Emirates NBD on Monday announced an additional $100 million investment in its India operations, and added two more branches in Chennai and Gurugram.</p>.<p>The lender, having the largest presence in the Middle East region, has so far invested $300 million in the last five years of its operations in India in three tranches, its group head for international and group strategy, Neeraj Makin, told <em>PTI</em>.</p>.<p>Its country chief executive for India Sharad Agarwal said its current presence is not as a wholly-owned subsidiary, which is preferred by RBI for units of foreign lenders, and added that its focus is on the corporate and trade segment and not the retail side.</p>.<p>Makin said it may add 2-3 more branches, including one in Kolkata, over the next 18 months and will definitely infuse more capital if it happens.</p>.<p>Agarwal said at present, its overall balance sheet stands at Rs 5,500 crore, which includes a loan book of Rs 3,000 crore and investment book of Rs 1,500 crore. By FY24, it is targeting to take the overall balance sheet to $1 billion (Rs 8,000 crore), have a loan book of Rs 5,500 crore and Rs 2,500 crore investment book.</p>.<p>On the liabilities front, it depends a lot on the 3.5 million strong Indian diaspora in the UAE and the remittances which originate from there, he noted.</p>.<p>Makin said Emirates NBD is targeting the banking opportunities coming out of the growing trade between India and the UAE, and also along other corridors like India-Saudi Arabia, India-Turkey and other pockets where it has a presence.</p>.<p>Agarwal added that no other lender is willing to take a risk on Turkey at present given the situation in the country due to issues like high inflation, but added that Emirates NBD is supporting Indian exporters.</p>.<p>On the investment operations side, it is presently engaged in commercial paper and is looking at corporate bonds as well, Agrawal said.</p>.<p>Makin said the bank has an acquisitive side, having bought over BNP Paribas' operations to enter Egypt, but added that there are no such plans for India at present.</p>.<p>Singaporean bank DBS' acquisition of domestic private sector lender Lakshmi Vilas Bank was "watched with interest" by Emirates NBD, Makin noted.</p>.<p>Emirates NBD has toyed with the idea of operating as a wholly-owned subsidiary -- something which DBS did before the acquisition -- but has kept away from it because of challenges like mandatory listing and other difficulties, he said.</p>.<p>The bank does not have a captive development centre in India, but has contracted an IT services vendor here to help drive its global operations, Makin said, adding that it has created hundreds of jobs locally. </p>