Mumbai-headquartered IDBI Bank is expanding overseas, opening a branch at the Dubai International Financial Centre.

The bank's Dubai branch, which was inaugurated on 2 June, will provide a full range of corporate banking services including financial advisory and syndication of credit, the firm said in a statement. 

It will offer its services not only to its Indian clientele but also clients in the Middle East.

At the time of publication, it could not be confirmed whether or not the bank will offer any wealth management services. 

IDBI Bank is a provider of project financing and infrastructure financing. It is the second largest syndicator of loans in India.

The firm said that it hopes to foster greater trade and cross border capital flows between India and the Middle East region though its new branch.

“Our decision to establish an office in the Dubai International Financial Centre reflects our strong belief in the vast growth potential of GCC region,” said B P Singh, deputy managing director, IDBI Bank

“Dubai and the Dubai International Financial Centre provide us with the ideal strategic base to launch our international operations because of its conducive business environment, supportive regulatory framework and excellent infrastructure. Apart from being a hub for the Bank’s regional operations, the DIFC branch will also serve as IDBI Bank’s nodal point for raising foreign currency resources from the US and European markets in addition to the Asian markets,” he added.