Overview
- HDFC Bank disclosed that the Dubai Financial Services Authority issued a Decision Notice on September 25 restricting its DIFC branch from soliciting, onboarding, or promoting services to new clients.
- The order blocks advising on financial products, arranging investments, arranging or advising on credit, and providing custody for new clients, and it took effect on September 26.
- Existing customers continue to be serviced, and individuals previously offered services but not yet onboarded may still complete onboarding and receive services.
- HDFC said the DIFC branch had 1,489 customers as of September 23, called the business immaterial to group finances, and stated it is implementing remedies and cooperating with the DFSA.
- The DFSA cited services provided to clients not properly onboarded and onboarding process gaps, with the restriction in place until amended or revoked in writing, as media also link the scrutiny to alleged mis‑selling of Credit Suisse AT1 bonds and related probes in India.