Qatar-based Doha Bank is, reportedly, planning to establish a wholly-owned subsidiary in India, as part of its business expansion plans in the country.
Doha Bank, which is likely to open a branch in Mumbai, India in 2014, is planning to target retail sector that offers huge opportunities in electronic banking.
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Additionally, the bank has said that it may look at opportunities that involve acquisition of one or more branches of foreign banks operating in India. Doha Bank has already received licence to open bank branches in India.
Doha Bank Group CEO, R Seetharaman, said as the organic growth will take time in India, so they are initially looking at the market space and as and when they get an opportunity they will definitely go for acquisitions.
Doha Bank chairman, Sheikh Fahad bin Mohammad bin Jabor Al Thani, said the future plan of the bank includes implementing effective risk management strategy, improving banking services delivery channels, upgrading the level of corporate governance in the bank, diversifying income sources and strengthening financial position.
"We are still optimistic about the future where we anticipate that Qatar will witness exceptional boom in all economic sectors with subsequent launching of many development projects in the coming years that will reflect positively on the performance of the banking industry in Qatar in general and of Doha Bank in particular," Sheikh Fahad added.
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