Dubai: The Dubai Financial Services Authority (DFSA) has barred HDFC Bank’s Dubai International Financial Centre (DIFC) branch from onboarding new clients and undertaking fresh business activities, effective from September 26, 2025. The restriction covers a wide range of financial services, including advising on financial products, arranging investment deals, providing credit services, and conducting financial promotions for new clients.

The DFSA’s action comes amid concerns over the branch’s client onboarding processes and its provision of financial services to clients who were not formally onboarded. The regulator has also scrutinized the branch over alleged mis-selling of high-risk Additional Tier-1 (AT1) bonds issued by Credit Suisse, which led to significant losses for retail inv

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