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Indian Banking Titan - HDFC Bank at Bahrain Financial Harbour
- o HDFC Bank signs Lease Agreement with Bahrain Financial Harbour Holding Company (BFHHC) to occupy 49th floor in the West Tower in Bahrain Financial Harbour (BFH)
- o Initiative a clear indication of the importance of the Kingdom of Bahrain in HDFC Bank's overseas expansion plans and emergence of BFH as the premier financial district
Manama, Bahrain, 08 May 2008: Bahrain Financial Harbour Holding Company (BFHHC) today announced that it had signed a Lease Agreement with HDFC Bank, one of India's leading private sector banks. As per the terms of the agreement HDFC Bank has committed to take the 49th floor in the West Tower, at the Financial Centre in the landmark Bahrain Financial Harbour (BFH).
Welcoming the move, Mr. Salwan Uchi, Marketing Director, BFHHC said: "It is a well-known fact that Bahrain has been strengthening its legal and regulatory framework for financial services with a view to providing a wide-ranging, straightforward and user-friendly platform for banks and other financial services market participants to establish a presence and operate in adherence of international best practices. BFH has always assisted these initiatives by providing an environment which would complement the business requirements of new entrants and in the process reinforced Bahrain's unsurpassed position as the financial capital of the Middle East."
"As one of India's largest financial institutions, HDFC Bank is truly a heavy-weight in its own right as indicated by its growth, innovation and the massive overseas expansion plans it has undertaken. We are confident that our premises will do full justice to its decision of locating at BFH and we wish them all the very best in their future endeavours." Mr. Uchi added.
The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an "in principle" approval from the Reserve Bank of India (RBI), India's Central Bank, to set up a bank in the private sector, as part of the RBI's liberalisation of the Indian banking industry in 1994. The bank was incorporated in August 1994 as 'HDFC Bank Limited,' with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.
Commenting on the initiative, Mr. K.S.R. Upadhya, Senior Vice President, HDFC Bank, said: "Bahrain has been on our radar for quite some time due to its various attractive facets. Among these are the facts that around 300,000 Indians work in the country. As more local companies grow overseas and acquisitions continue to increase, it makes sense for Indian banks to have a global presence. Additionally, the capital markets are becoming integrated and businesses owned by Indians living overseas are increasing. Furthermore, HDFC Bank registered excellent financial results earning total income of Rs.12,398 crores (US$ 2951.91 million) for the year ended March 31, 2008, as against Rs.8164.16 crores (US$ 1943.83 million) in the corresponding year ended March 31, 2007, registering a growth of 51%."
"Against such a backdrop, we were on the lookout for a perfect setting which would not only be a prime scenic waterfront property, but also facilitate optimal business gains. As a result of an exhaustive selection process we identified BFH as being an integrated cluster model and its next-generation technologically advanced office environment as the ideal location."
Since inception, HDFC Bank has been conferred several industry awards and recognitions. In 2007, the Bank won several awards which include: One of India's "Most Innovative Companies" by Business Today-Monitor Group survey, Best Bank Award in the Private Sector category by Financial Express-Ernst & Young Award, 'Best Bank' Award by Business Today, 'Corporate Best Bank' Award by Dun & Bradstreet - American Express Corporate Best Bank Award 2007, 'Best Corporate Social Responsibility Practice' Award by The Bombay Stock Exchange and Nasscom Foundation's Business for Social Responsibility Awards 2007, Best Bank Award in the Private sector category by Outlook Money & NDTV Profit, Best Retail Bank in India by The Asian Banker Excellence in Retail Financial Services Awards amongst several others.
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Note to the editor
About BFH
A fully integrated, master-planned development, the US$ 3 billion Bahrain Financial Harbour (BFH), is creating a complete financial city, a self contained community and reinforcing Bahrain's unsurpassed position as the financial capital of the Middle East. A first of its kind development in the region, BFH is a highly focused, committed and advanced financial environment spread over 380,000 square metres of prime seafront property in the centre of Manama, Kingdom of Bahrain. Furthermore, it comprises of 10 projects that uniquely combines business, leisure and residential components under one canopy. Phase I of the project ‘The Financial Centre' which includes the Harbour Towers - Bahrain's tallest towers and the Harbour Mall. The Financial Centre is operational and open for business.
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