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India’s Oriental Bank to Open Dubai Office
DUBAI - Oriental Bank of Commerce, an Indian public sector bank, will be opening its representative office in Dubai on Monday.
The Dubai office will be the first presence of the bank outside India, according to a statement from the bank, which is ranked as the 10th largest public sector bank in India.
“Oriental Bank of Commerce has a wide network of branches. It has strong financial fundamentals and has been consistently paying dividend since its IPO in 1994,” the statement said. The dividend payout in 2008 was 47 per cent.
Arun Ramanathan, Finance Secretary of the Government of India, will be the chief guest at the inaugural ceremony. Talmiz Ahmad, Ambassador of India to the UAE and Saeed Abdullah, Senior Executive Director for Banking Supervision and Examination at the Central Bank of the UAE will also be in attendance.
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