India-Owned Swiss Private Bank to Open in DIFC

Stephen Harris

18 September 2008

Amas Bank, a Genevan private bank owned by the Indian Hinduja group, has set up a Gulf base in the Dubai International Finance Centre, as part of its efforts to respond to clients' needs in the Middle East and North Africa region, according to a report in the Khaleej Times.

The publication reported remarks made on the sidelines of the annual meeting of IndusInd International Holdings, the promoter of IndusInd Bank, which has a network of 180 branches across 147 locations in India and representative offices in Dubai and London.

Ajay Hinduja, president, finance of Hinduja, said the Dubai presence would provide a gateway for investments into the diverse Indian market. Amas, which provides investment banking and trade finance as well as private banking services, currently has $9 billion assets under management worldwide. "While our core strength will continue to be investment banking and trade finance, we will be focusing on creative banking," he said.

Pradeep Gupta, director of Amas Bank Middle East, said: "As part of the Hinduja Group, Amas Bank offers access to a wide range of public and private market investment opportunities and emerging market experts, particularly in India and the Middle East."

Amas, in conjunction with Hinduja finance companies in India, including IndusInd Bank, also offers advisory and executive services for investments into India for institutional clients in Switzerland and other European countries.