Federal Bank, a private sector lender, announced that the bank has been granted approval by Reserve Bank of India to open a representative office of the Bank at Dubai, UAE. Opening of the office at Dubai will be a boon to the NRI community in UAE and also to NRIs across the globe. 

The office shall also function as a source of information to NRIs interested in foreign investments in India. It will enhance the stature of Federal Bank as the preferred bank among NRIs. With the Bank already having a representative office at Abu Dhabi, this will be the second overseas office of Federal Bank.

Shares of the bank gained Rs 1.2, or 0.98%, to trade at Rs 123.55. The total volume of shares traded was 618,745 at the BSE (2.16 p.m., Thursday).