Federal Bank to open one more office in Dubai

Manama : The Federal Bank Limited, a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala will open one more Overseas Representative Office in Dubai in October, said Chief General Manager K.I Varghese. 

He was speaking at a press conference in Manama yesterday. The bank already has a Representative Office in Abu Dhabi. 

Varghese said Federal bank has made an understanding with Modern Exchange which entered the Bahrain market in May 2015.  Currently Federal Bank has tied up with eight exchange houses in Bahrain. With its technology enabled innovations and customer centric activities, Federal Bank continues its dominant position as a financial service provider. The  Bank accounts for more that 12 per cent of the total NRI remittance to the country. 

‘‘It is the trust and confidence shown by the customers which has propelled the Bank to the present stature’’ said Varghese who heads Network 1 of the Bank which covers all the Branches in the state of Kerala. 

“Federal Bank has always been a pioneer to many path breaking digital innovations. Through our digital forays, we aim at influencing each customer’s life digitally,” he added. As of now, the bank has 1252 branches and 1561 ATMs.

Net Profit up18pc 

Federal Bank put in an impressive performance during the first quarter ending June 30, 2016. The Net Profit of the bank grew by 18pc to reach Rs.167 Crore as against to Rs.141 Crore as on 30/06/2015. Total Deposit of the bank reached Rs.81,132 Crore, out of which NRE deposit consists Rs.32,121 Crore.

Federal Bank has been recipient to some of the prestigious awards. The  bank won the MasterCard Innovation Awards 2016 under the categories ‘Debit Cards Initiatives’ and ‘Acquiring Business Initiatives’. The bank was conferred with the prestigious 6th Annual Greentech HR Award for “Technology Excellence in HR”. Some of the other awards received by the bank include: ET Best Corporate Brand 2016 Award, Banking Frontiers Inspiring Work place Award for Best HR & Talent Practice and the Skoch Smart Technology Award 2015 for FedBook Selfie

FedBook Selfi

A power packed Account Opening –cum-electronic passbook has revolutionised the way customers open their savings bank accounts now. The bank introduced the unique facility of Mobile based bank Account Opening as an upgrade to FedBook, the e-passbook, in 2015 thus making it India’s first Mobile App for Account opening.

The bank has predominant position in Kerala and visible presence in Tamil Nadu, Karnataka and Maharashtra and is in process of widely expanding its presence in Gujarat and Punjab added Varghese. Assistant General Manager and Chief Representative Officer Deepak Govind and Relationship Manager(Bahrain) Rahul Rajagopal also attended the press conference.