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November 20, 2013updated 04 Apr 2017 1:01pm

Doha Bank opens new office in Sharjah, UAE

Doha Bank, a Qatar-based private commercial bank, has opened a new representative office in Sharjah, following regulatory approval from the UAE Central Bank.

Doha Bank, a Qatar-based private commercial bank, has opened a new representative office in Sharjah, following regulatory approval from the UAE Central Bank.

The facility is the first in Sharjah and part of the bank’s expansion plan in the UAE, where it offers instant online remittances services to more than 13 countries and a complete portfolio of trade and corporate financial solutions.

According to the bank, Sharjah accounts for 48% of the total industrial revenue in UAE, which is the highest among the seven emirates in the banking sector.

The city is also considered as a cost-effective option, as industrial investment costs 35% less than in other emirates.

Doha Bank CEO Dr R Seethraman said the bank is aiming to establish its presence in the UAE’s biggest emirates but does not intend to be a bank that will be around every corner.

"Although branches are an important channel for customers, transaction volumes across branch networks have changed only marginally in the past five years. We expect this to remain flat in the future. Whereas, the use of modern alternative channels has grown significantly and is even preferred by most clients and customers," Seethraman added.

"Doha Bank’s alternative channel strategy has proven highly effective and we are confident that it will serve clients around the UAE supported by our branches and offices."

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