Doha Bank has been granted licence to commence banking operations in India and has been permitted to open a branch in Mumbai to provide full-scale banking services, Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, chairman of Doha Bank's Board of Directors has said.
He said in line with the bank's expansion strategy of expanding operations at the local, regional and international levels, the licence from the Reserve Bank of India to start operations in India is another milestone in that direction.
Sheikh Fahad said with this new licence, Doha Bank will soon start operations as a Foreign Bank branch in Mumbai and will offer wholesale banking, retail banking, treasury and trade finance services to all customers in India.
This licence will further enhance the niche role Doha Bank is playing and facilitating the movement of trade between Qatar and India.
The proposed branch will contribute in servicing a larger segment of the bank's customers in both the countries and will help its corporate customers in India to benefit through the representative offices located around the world.
Doha Bank’s Managing Director, Sheikh Abdul Rahman bin Mohammad bin Jabor Al-Thani said the bank is the first Qatari Bank to have full-scale operations in Dubai, Abu Dhabi, Kuwait and India.
This new licence for opening a branch in India will not only add value to the bank but will also enhance its capabilities in supporting all corporate and individual banking needs.
Sheikh Abdul Rahman said that Qatar-India bilateral annual trade is about $16 billion and that there are huge opportunities of growth available in infrastructure and other sectors in India.
As a result, the bank sees huge potential for bringing additional value to the shareholders through new operations in India and also due to the strategic locations where Doha Bank operates, he added.
R Seetharaman, chief executive officer of Doha Bank said there is a large diaspora of Indian population in Qatar and that various Indian companies are active in infrastructure projects.
He said the license will pave the way for the bank to support all expatriates with the best in class solutions especially remittance solutions.
Doha Bank is the largest private commercial bank in the state of Qatar.
Image: Doha Bank