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Wednesday, October 11, 2006

UAE Exchange eyes banking in India, plans Rs 100 cr IPO

The UAE Exchange and Financial Services may enter the Indian banking industry, provided the licence is granted by the RBI. Recently, it has been granted authorised dealers (AD) category-2 license by RBI. “We have written twice to RBI about getting banking licence, but we don’t expect to get the it before 2009,” said BR Shetty, chairman and managing director of UAE Exchange group. The AD category-1 license in given to banks only.

“We target to remit Rs 11,000 crore from the middle-east to India by the year-end and shore up the earnings to three times its present level,” said Shetty. “The UAE Exchange group will come out with its initial public offer (IPO) totaling Rs 100 crore in the first half of next fiscal,” he added. Its current paid capital is Rs 35 crore.

“UAE Exchange plans to open 100 more branches in the country this year and has already got license to open a branch in Singapore,” he added. Talking about the other business interests of the group, Shetty said, “We have plans to venture into hotel, hospitals and real estate (both retail and commercial) businesses in India and hope to finalise acquisition of a Kerala-based resort in the next six months.” The group already possesses lands in a few cities viz. Bangalore, Mangalore, Kochi and Thiruvananthauram.

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