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.

Qatar Today - - BUSINESS > BANK NOTES -

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

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