Doha Bank launches operations in India

The huge size of the Indian market along with its rising per capita income levels and business-friendly policies, renders it an essential and strategic location for Doha Bank.

The India operations would cater to the needs of NRIs in Qatar, the UAE, Kuwait and Oman. — Supplied photo

Mumbai - Doha Bank on Wednesday launched its India operations with the inauguration of its full-fledged branch at Nariman Point here and the e-inauguration of two other branches in Mumbai and Kochi.

Present at the inauguration were Qatari finance minister Ali Sharif Al Emadi, governor of Qatar Central Bank Shaikh Abdullah bin Saoud Al Thani, and Indian Railway Minister Suresh Prabhu.

“This is a historic day for Doha Bank’s expansion in the Indian sub-continent as we consider India an important market, being one of the fastest growing economies in the world,” said Shaikh Fahad bin Mohammad bin Jabor Al Thani, the chairman of the bank.

Dr R. Seetharaman, chief executive, Doha Bank, told Khaleej Times that the bank had recently completed the process of amalgamation of HSBC Bank Oman’s India operations. “Our India operations will cover the entire spectrum including retail and corporate banking,” he added.

The huge size of the Indian market along with its rising per capita income levels and business-friendly policies, renders it an essential and strategic location for Doha Bank, he pointed out.

The India operations would cater to the needs of NRIs in Qatar, the UAE, Kuwait and Oman, besides Indian and Gulf businesses. “We see good potential for remittance business to India,” added Seetharaman.

Qatar’s leading financial institution bas seen strong growth over the past 10 years in terms of assets, loans, deposits and shareholder value. It has also established overseas branches in Dubai, Abu Dhabi and Kuwait and representative offices in Japan, China, Singapore, Hong Kong, South Korea, Australia, South Africa, Turkey, the UK, Canada, Germany and Sharjah.

According to Shaikh Fahad, Doha Bank has been pursuing a well-thought out international expansion strategy by extending its footprint across 14 nations.

Shaikh Abdul Rehman bin Mohammad bin Jabor Al Thani, bank’s managing director pointed out that the start of the India operations stood testimony to its constant endeavour to be recognised as a dynamic, modern and international bank. - business@khaleejtimes.com