Qatar based Doha Bank announced on 3 April 2014 that it will be opening its first branch at Nariman Point in Mumbai in India. The branch in Mumbai will be opened as a full-fledged bank in May 2014.
Initially, branch will offer retail and corporate banking solutions with emphasis on off-branch banking. The Doha Bank has set a target of 5 billion dollars balance sheet by the third year of operations. Doha Bank got permission from the Reserve Bank of India to open the branch in December 2013.
Already Doha Bank runs a brokerage (Doha Brokerage) with 41 percent stake and the rest of the stake is held by local brokers of Kochi in India.
Bank of Bahrain & Kuwait, Abu Dhabi Bank are the two other banks from Arab countries to have operations in India before Doha bank.
About Doha Bank
Doha Bank is the largest private commercial bank in the state of Qatar. It was incorporated in 1978 and commenced its domestic and international banking services in Doha, Qatar in 1979.
Qatari government holds 16 percent stake in the bank and the bank has a market capitalisation of 5 billion dollars and an asset of 18.4 billion dollars in December 2013.
Doha Bank nets 17 percent of its business from overseas operations and is a major player in the remittances market.
Doha Bank has branches in Kuwait, Dubai and Abu Dhabi and representative offices in Singapore, Turkey, Japan, China, Britain, Canada, Germany, Australia, Hong Kong, South Korea and Sharjah.
Doha Bank Group Chief Executive: R Sitharaman
Who: Doha Bank
When: 3 April 2014