Promising to further consolidate the strong bilateral trade between the GCC countries and India, Doha Bank formally launched its operations in Asia’s third largest economy yesterday, thus becoming the first Qatari bank to establish full-scale banking operations in India.
The Doha Bank branch at Sakhar Bhavan was inaugurated by HE the Minister of Finance, Ali Sherif al-Emadi in the presence of India’s Railway Minister, Suresh Prabhu, HE the QCB Governor, Sheikh Abdullah bin Saoud al-Thani, Indian ambassador Sanjiv Arora, Qatar ambassador to India, Abdulla al-Abdulla, Maharashtra ministers, Subhash Desai and Deepak Vasanthrao Kesarkar and prominent Qatari businessman, Yousef Qassem Darwish.
Doha Bank chairman, Sheikh Fahad bin Mohamed bin Jabor al-Thani, managing director Sheikh Abdulrahman bin Mohamed bin Jabor al-Thani and Group CEO, Dr R Seetharaman were among the dignitaries present.
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The well-attended ceremony at the Trident Hotel here also saw the e-inauguration of Doha Bank, Kochi branch and the launch of Doha Bank (India) website.
With special focus on small and medium enterprises, Doha Bank’s India operations will provide “comprehensive range of financial services by deploying consumer-centric technology and innovative delivery channels.”
Besides Mumbai and Kochi, Qatar’s premier bank is also looking to open a branch in Chennai.
Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said, “This is a historic day for Doha Bank’s expansion in the Indian subcontinent as we consider India as an important market, being one of the fastest growing economies in the world, which is expected to overtake China in the years to come.
“Doha Bank has been pursuing a well thought out international expansion strategy as envisioned by the Board of Directors, by extending our global footprint across 14 nations worldwide. In this pursuit, Doha Bank is the first Qatari bank to establish its full scale banking operations in India. With its presence in the GCC countries, it would further enhance the niche role Doha Bank is playing to facilitate the trade between GCC and India, benefiting its customers in both the locations.”
Doha Bank managing director, Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The inauguration of banking operations in India is yet another milestone and stands testimony to Doha Bank’s constant endeavour to be recognised as a dynamic, modern and international bank.
“It gives us great pride in commencing a full-fledged banking operation in one of the world’s largest and fastest growing economies, as we embark on our journey towards becoming a truly global banking powerhouse and a one-stop-shop financial services provider, recognised beyond the shores of the Arabian Gulf.” Group CEO, Dr R Seetharaman said, “The huge size of the Indian market, along with its rising per capita income levels and business-friendly policies, renders India as an essential and strategic location for Doha Bank.”
