Dubai: Bank of Baroda steps up its syndication business in the UAE by signing a memorandum of cooperation with the Hamriyah Free Zone Authority (HFZA) for financing units in the free zone.
The Hamriyah Free Zone in Sharjah will promote and facilitate setting up of industries and businesses. HFZA will refer all the projects which are being set up in its free zone and Bank of Baroda will consider the projects for financing (if found suitable) by according them top priority, Ashok K Gupta , chief executive GCC operations, BoB said.
After signing the pact with Dr. Rashid Al Leem, director general, HFZA, Gupta said, BoB will be able to help corporates set up their projects from the conceptual stage itself.
The bank, through its recently established syndication centre, takes full responsibility of arranging funds by underwriting/arranging loans, he added.
In addition to the project’s finance, corporates can look forward for their entire banking requirements including working capital limits, Non Fund-based limits, trade finance, treasury services,“ he said. “This arrangement will help companies who are planning to set up the projects in HFZA.”
As per the agreement, the Bank will join HFZA in road shows in different parts of the world, where the bank is present so as to help HFZA attract more entrepreneurs to set up their projects,” said Gupta.
BOB has 2,800 branches in India and 71 overseas offices in 25 countries. In the UAE, Bank of Baroda is the only Indian Bank offering full-fledged banking services.