Indusind Bank To Open Third UAE Office, Eyes DIFC Expansion

(MENAFN- Khaleej Times) IndusInd Bank Limited is gearing up to broaden its footprint in the UAE, aiming to bring the expertise of India's fifth-largest private sector bank closer to more than four million non-resident Indians (NRIs). The bank is set to open another representative office in the emirate, a move its top official describes as the next step in 'leaving no stone unturned' in serving the Indian diaspora.

Rajiv Anand, Managing Director and CEO of IndusInd Bank, said the bank will inaugurate its third representative office in Sharjah to cater to the corporate banking and financial services needs of NRIs across the Northern Emirates.

Recommended For You

The Mumbai-based bank has already been serving the Indian diaspora, high-net-worth clients, and corporate and business partners through its two representative offices in Abu Dhabi and Dubai. Its portfolio spans a wide spectrum of offerings for individuals and businesses, from microfinance and personal loans to commercial vehicle financing, credit cards, and SME lending, effectively ensuring that“no customer falls through the cracks.”

“We are actively evaluating a plan to set up a branch in the Dubai International Financial Centre (DIFC) as soon as the Reserve Bank of India (RBI), the central bank, gives us the green light,” Anand told BTR during an interview in Dubai.

“The RBI approval is the first step. Once that's in our hands, we will apply for a licence to operate in the DIFC, and that's something I'm keen to push across the finish line at the earliest,” he said.

Growth Catalyst

IndusInd Bank opened its first overseas representative office in Dubai in October 2003, targeting NRI services and Gulf-based business. The bank has since expanded its presence in the UAE by launching a second representative office in Abu Dhabi to facilitate NRIs and corporate clients.

Established in April 1994, IndusInd Bank Limited is one of the top five Indian banking and financial services providers. It serves approximately 42 million customers across the country, including individuals, large corporations, various government entities, and public sector units through a nationwide network spanning more than 3,000 branches/banking outlets and more than 3,063 ATMs across India, covering 162,000 villages.

“We're the fifth-largest private sector bank in India, serving major corporates as well as small and medium enterprises. And at the same time, we have one of the largest microfinance businesses in the country. Our key growth engines are microfinance and commercial vehicle finance, with strong potential in SME, secured retail, gold and home loans,” said Anand, an industry veteran with over 35 years of experience.

Stable Business

Anand, who has earned recognition for his expertise in capital markets and banking, said IndusInd Bank has a stable capital position and a strong vehicle finance franchise.

“In vehicle finance, we're among the top three financiers for major original equipment manufacturers (OEMs). The microfinance business remains profitable and helps meet priority sector lending and social microfinance requirements.”

“We begin from a position of strength, with 17% capital adequacy and a relatively clean balance sheet. We are also focusing on granularising liabilities, improving the retail mix and cutting costs. As growth broadens and credit costs normalise, we aim to move towards a 1% ROA through disciplined execution across assets, liabilities, and fees,” he said.

Anand, who has held pivotal management roles at leading global and Indian financial institutions, said a strong senior management team is now in place to oversee the three-year business plan ending in 2028.

“I assumed charge at the bank in August 2025 and focused on rebuilding the team and boosting its operational and professional capabilities, especially in automation, artificial intelligence, and data analytics. Our aim is to grow in line with market trends, gain more market share and dominate in key banking sectors,” he said.

Indian Economy, Banks

Anand, a commerce graduate and a qualified chartered accountant, said India is one of the fastest-growing economies in the world, and banks will be major beneficiaries of the country's strong economic momentum.

“India offers tremendous growth opportunities. If the economy does well, banks in general do well. This is not a cyclical uptick that we are seeing, but rather structural growth - and credit goes to the government, which has implemented revolutionary measures over the past 10 years,” he said.

“We will continue to see strong growth from the Indian banking system, both on assets and liabilities. I believe that IndusInd Bank is a strong brand and has the ability to grow faster than the industry in the medium term,” he said.

In response to a question, he said the Indian banking industry has a promising outlook despite geopolitical tensions and challenges, and it is well positioned to support India's growth momentum over the next decade.

“The Indian banking sector is in the best shape that we've seen in the last 15 years. Banks are well capitalised, have adequate resources, clean balance sheets and are delivering record profits,” he said.

“I think the next decade will reward institutions that combine speed, trust and execution discipline. At IndusInd Bank, we remain focused on strengthening our balance sheet, modernising our technology stack, enhancing productivity, and delivering consistent value to our customers and shareholders,” Anand concluded.

MENAFN23022026000049011007ID1110775670