BOB signs escrow account agreement

DUBAI — Bank of Baroda yesterday announced that its had entered into an Escrow Account Agreement with Dubai Land Department.

The agreement was signed at the Dubai Land Department office by Sultan Butti bin Mejren, Director General of Dubai Land Department, and Ashok K. Gupta, Chief Executive Officer of Bank of Baroda in the presence of officials of Dubai Land Department and the bank.

Through this agreement, Bank of Baroda is authorised as an approved bank for opening and managing escrow account of property developers registered with the Dubai Land Department, said Gupta.

"With this Bank of Baroda has become one of the few banks in the UAE to provide escrow account services to the builders," he said.