UAE: India's HDFC Bank Under Review for Allegedly Selling Risky Bonds to some Clients

UAE: India's HDFC Bank under review for allegedly selling risky bonds to some clients

The financial institute denied any wrongdoing and stated that it has a robust process to communicate product features and help clients understand risks

India's HDFC Bank faces probe in UAE over mis-selling of risky bonds

HDFC Bank, India’s leading private sector lender, is reportedly being investigated in the United Arab Emirates (UAE) over allegations of mis‑selling high‑risk Credit Suisse Additional Tier 1 (AT1) bonds to clients across the region. The investigation is being led by the Dubai Financial Services Authority (DFSA) and the UAE Central Bank. The bonds in question are called AT1 bonds. They offer high returns but can be written off entirely if the iss…

UAE investigates India's HDFC Bank for allegedly selling risky bonds to clients

Dubai, June 27: HDFC Bank, India’s largest private lender, is under scrutiny in the UAE over allegations it sold high-risk Credit Suisse AT1 bonds to retail investors in violation of regulatory norms.