DHAKA: Extending its overseas footprint, Axis Bank, private bank of India, opened a representative office in Dhaka on Sunday.

High Commissioner of India to Bangladesh Pankaj Saran inaugurated the office, says a press release.

Axis Bank group executive (corporate relationship group & international business) P Mukherjee said the trade between Indo-Bangladesh is growing and opening office in Dhaka would help in leveraging the opportunity.

“The bank aims to leverage the growing economic integration between the two countries by actively facilitating trade transactions, both inbound as well as out-bound. The bank will also contribute towards employment generation, both directly and indirectly in the country,” he added.

Dhaka operations, primarily focused to promote the trade finance business, will further strengthen the bank's presence in Asia, he said.

Axis Bank has already established its presence through branches in Singapore, Hong Kong, DIFC-Dubai, Colombo and Shanghai, with representative offices at Dubai and Abu Dhabi and a wholly owned subsidiary in the UK.

Total overseas assets of the Axis Bank stood at USD 7.51 billion, as on September 30, 2015.

Mukherjee further said that the representative office will also enable the bank to move up the value chain and enhance its risk return through secondary market risk participations with banks in Bangladesh.

At a later date, he said, the bank may consider to convert this office into a branch, subject to regulatory approvals and business volume.

Sumit Goswami will act as chief executive officer of AXIS Bank representative office in Dhaka, the release added.

BDST: 1122/1803 HRS, NOV 23, 2015
SR/SMS