Mumbai-based Kotak Mahindra Bank has been granted a licence to conduct business in the Dubai International Financial Centre and plans to tar...

Mumbai-based Kotak Mahindra Bank has been granted a licence to conduct business in the Dubai International Financial Centre and plans to target the non-resident Indian market in the region and beyond. Kotak’s licence is for its UK subsidiary, Kotak Mahindra (UK) and represents the first Indian bank to be set up within the DIFC. Earlier this month, Kotak Mahindra said it plans to launch a major initiative to attract Indian clients with at least $1 million in liquid assets. As part of this initiative the bank said it was keen to develop its NRI market through its international subsidiaries in London and Dubai. The bank is also planning to open an office in Singapore in April 2006.