First Abu Dhabi Bank PJSC is offering funding up to $1.5 billion to non-resident Indians investing in their home country’s foreign-currency deposit program, according to people familiar with the matter.
The United Arab Emirates’ largest lender is targeting customers based in the Middle East and is in talks with banks in India that could issue standby letters of credit to back the financing, the people said, asking not to be identified because the discussions are private. A standby letter of credit is a bank guarantee that ensures payment if the borrower defaults.
