Mashreq to enter India’s non-banking finance sector

Dubai / Emirates Business

Mashreq Bank, the UAE’s leading financial institution, on Tuesday announced that it will enter the non-bank financial institution (NBFI) space in India through an engagement with IL&FS Financial Services Ltd to offer external commercial borrowings (ECB) in Indian Rupees.
Through the IL&FS Group, Mashreq will serve the Indian market across various verticals including financial services, power, transport infrastructure, real estate, and education, providing new avenues for Indian companies to borrow from overseas markets.
Ahmed Abdelaal, Head — Corporate & Investment Banking Group of Mashreqbank said, “We are pleased to have come to an agreement with IL&FS Group, one of the largest institutions in India. Through this agreement, we have provided an opportunity for corporate institutions across India to borrow from the International market on terms specific to the rupee.”