DOHA BANK'S PLANS FOR INDIA
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.