Qatar’s Doha Bank is set to open its first branch in Mumbai, India, in May 2014 and aims to expand its business in the country from current $1bn to $5bn in the next three years.
Doha Bank Group CEO, R Seetharaman, said they received permission from the Reserve Bank of India to open the branch last December, and they will be launching full-fledged bank operations as early as next month.
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However, as per the Reserve Bank of India’s norms, the new bank branch must be incorporated as a wholly-owned local subsidiary.
Seetharaman said they would finalise the location for the new branch in the tony south Mumbai CBD Nariman Point and it will be a 50-people branch to begin with, offering retail and corporate banking solutions with emphasis on off-branch banking.
"Our next branch will be Kerala, considering our long association with that market," Seetharaman added.
Doha Bank currently 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.
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