Mashreq Bank and Central Bank of India form ‘virtual branch’

by Richard Kilner

Story link: Mashreq Bank and Central Bank of India form ‘virtual branch’

The Central Bank of India has today announced it is forming a tie-up with Mashreq Bank.

The deal involves all US transactions made in US dollars would be handled by a dedicated desk at Mashreq Bank.

A statement released to the press described the desk as a ‘virtual branch’ of the Central Bank of India.

The deal would enable the Central Bank to use Mashreq Bank’s operational capabilities, as well as investing capital with chosen firms for better return.

The press release also stated that the deal is expected to be advantageous for the bank’s customers by lowering transaction costs.