Oriental Bank of Commerce Opens Representative Office in Dubai
By Denzil Fernandes - Daijiworld Media Network

Dubai, Mar 31: One of the leading Public Sector Banks of India, Oriental Bank of Commerce (OBC), opened its Representative Office in Dubai on Monday.  The inauguration was done by Arun Ramanathan, Finance Secretary, Government of India in the presence of Talmiz Ahmed, Ambassador of UAE and Saeed Abdullah Al-Hamiz, Senior Executive Director, Central Bank of U.A.E.  The Chairman and Managing Director of the Bank Alok K. Misra was  present with distinguished guests.  Executive Director, H. Rathnakara Hegde was also present.

Arun Ramanathan switched on the bank’s logo  to mark the opening and then spoke on the current economic crisis and the need to ‘nurture inner strength’ to overcome the crisis.  Talmiz Ahmed spoke of the growing Indo-UAE trade relations which shows in OBC selecting Dubai as the first point to start its overseas operations.  Talmiz said this was a ‘challenge and opportunity’ for all to tackle the economic slump.  Mr. Saeed Abdullah Al-Hamiz welcomed and hoped that the OBC will grow in stature in the U.A.E. 

Also present at the grand ceremony were leading  businessmen and bankers from the U.A.E. as well as from India at the Grand Hyatt Hotel.  

Earlier, addressing a press conference, Alok K. Misra said that the Representative Office in Dubai is the Bank’s first overseas establishment.  He went on to add that with success there would be more such openings in other parts of the world.

Alok K. Misra   said that the OBC founded in 1943, is a strong Public Sector Bank of India with a total business of over INR 1600 billion and a branch network of 1401 branches, 66 extension counters and 835 ATMs spread in 25 states of India.  With deposits of over INR 940 billion, advances of over INR 660 billion and Gross NPA of 1.66% and Net NPA of 0.76%  the bank was moving up in performance.  

The OBC has been recognised for its fundamentals by The Banker, an International Journal from London and has ranked the Bank as 348th from among the Top 1000 banks of the World and 7th in country wise ranking.

The Bank has great goals and the opening in Dubai is just the beginning of the Bank’s quest to spread its wings at important Financial Centres everywhere.  

With a range of products catering to the NRIs especially like the NRI Savings, Current and Term Deposit Accounts, FCNR accounts etc.  There are at least 83 specialised branches spread at important centres to cater to international trade deals. “Speed Remittance Facility” is yet another attraction which facilitates instant money transfer to the customers of OBC across India and also to the customers of other banks.

Extensive lending to Trade, Industry and Infrastructure projects and also specialised branches for meeting the credit needs of these important segments is another significant step taken by OBC.  The bank also undertakes syndication of loans for large projects.  The OBC is a known leader in financing the Entrepreneurs, Agriculture Sector and Small and Medium Enterprises.(SME)  The bank has also floated a Joint Venture Company  called Canara HSBC Oriental Bank of Commerce Life Insurance Company and holds 23% shares in the company which commenced business in June 2008 to have a major presence in the growing Life Insurance business in India.

Alok K. Misra expects that the bank shall be opening more than 100 new branches across India and has targeted to increase its Business Mix to about INR 2000 billion with a domestic Branch Network of over 1500 in the next one year.