ABN AMRO is offering a complementary redemption service for United Arab Emirates (UAE) based non-resident Indians holding Resurgent India Bonds (RIB). With an estimated two billion dollars in bonds held by Indian nationals in the Emirates, the bank will facilitate the processing of the Resurgent India Bonds free of charge for both existing and new ABN AMRO customers.
RIBs were created to generate funding and to assist in the development of infrastructure projects across the sub-continent. With favorable interest rates available to hundreds of thousands of non-resident Indian nationals across the globe, the State Bank of India, the largest commercial bank in India, issued over four billion dollars worth of RIB’s in total. With tenure of five years, RIB bonds are redeemable by October 2003.
“It is estimated that over 35 per cent of the total number of Resurgent India Bonds globally are held in the UAE, and it is obvious that this ABN AMRO redemption service will greatly benefit a large number of our existing customers,” said Head of Investments at ABN AMRO Middle East, Sudhanshu Garg. "Many of those who have benefited from their RIB investment may wish to reinvest here in the UAE,” he added.
With a minimum acceptance amount for RIB processing set at $10,000, the facility will be free of charge for account holders. For non-account holders the bank will open an account for RIB holders the same-day they apply.
Netherlands-based ABN AMRO is a leading international bank with total assets of approximately €556 billion. It has over 3,000 branches in 66 countries and territories, and has a staff of about 105,000 full time equivalents worldwide. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
