By Andy Sambidge
Qatar's fourth largest lender set to open branch in Mumbai after approval from regulators
Doha Bank, Qatar's fourth-largest lender, said on Wednesday that it has been granted a licence to start banking operations in India.
Chairman Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani said the bank has been given the green light to open a branch in the city of Mumbai to provide full-scale banking services.
He said the move was part of Doha Bank's plan to expand its operations "at the local, regional and international levels".
It added that Doha Bank was the first Qatari bank to obtain such a licence to operate in India.
Earlier this year, Doha Bank announced its intention to expand into Hong Kong, Saudi Arabia and India as part of plans to nearly double its profits from international operations by 2015.
Sheikh Fahad said the bank will offer wholesale banking, retail banking, treasury and trade finance services to customers in India.
Sheikh Abdul Rahman bin Mohammad bin Jabor Al-Thani, Doha Bank's managing director, said the move would "not only add value to the bank but will enhance its capabilities in supporting all corporate and individual banking needs".
R Seetharaman, CEO of Doha Bank, added that the Indian licence "will pave the way for the bank to support all expatriates with the best in class solutions especially remittance solutions".For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.