South-based private sector lender Federal Bank has received the regulatory nod to open offices in Bahrain, Kuwait and Singapore, but is awaiting local clearances before it starts operations, a top official has said.
The Kochi-headquartered bank, which leads diaspora remittances, already has representative offices in Abu Dhabi and Dubai, and its desire to expand comes even as a majority of its larger peers are downsizing their overseas presence following the Rs 13,500-crore Nirav Modi scam and poor asset quality back home due to toxic loans.