DOHA BANK'S PLANS FOR IN­DIA

Qatar Today - - BUSINESS > BANK NOTES -

Doha Bank has an­nounced plans to in­vest QR91mil­lion ($25 mil­lion) in the ini­tial stage of its In­dia op­er­a­tions and says it is open to growth in the coun­try. The lender has re­ceived the Re­serve Bank of In­dia (RBI)'s as­sent to com­mence op­er­a­tion in the coun­try.

The first branch of the bank, for which a li­cence has been granted, is ex­pected to be opened in Mumbai. The bank will then ex­pand in South In­dia, prob­a­bly in Ker­ala ini­tially, where most of the ex­pa­tri­ates from the Gulf are sta­tioned. The lender would like to have a pres­ence in cities with trade links with Gulf Co­op­er­a­tion Coun­cil (GCC) and where there is growth po­ten­tial, such as in Tamil Nadu, Gu­jarat and other states. Doha Bank has an ex­po­sure of around QR3.64 bil­lion ($1 bil­lion) in In­dia and ex­pects to in­crease that to around QR18.2 bil­lion ($5 bil­lion) in the next two to three years.

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