DOHA BANK ACQUIRES HSBC OMAN'S OPERATIONS IN INDIA
As part of its global expansion plans, Doha Bank has agreed to acquire HSBC Bank Oman's operations in India.
The bank's board of directors has approved the proposal to merge HSBC Oman's India operations with Doha Bank's India unit. However, the financial details weren't disclosed, according to a Bloomberg report.
Doha Bank is seeking to boost profits from overseas operations to as much as 30% of net income by next year, up from 10% in 2013. The bank has opened representative offices in Hong Kong, Shanghai, Singapore, Japan, Australia and South Korea and received permission from Reserve Bank of India to open a branch in Mumbai last December.
“We are doing what requires to be done to contribute to funding the ongoing projects based on our policies and strategies. These help us to participate in the process of adding value to our national economy.” HE SHEIKH DR KHALID BIN THANI BIN ABDULLAH BIN THANI AL THANI Chairman and Managing Director Qatar International Islamic Bank