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Tue 4 Jan 2011 05:06 PM

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India’s largest bank to expand into Qatar

The State Bank of India is planning to open a Doha branch by March 2011

India’s largest bank to expand into Qatar
BRANCHING OUT: The State Bank of India is planning to open a Doha branch by March 2011

The State Bank of India (SBI), India’s largest bank and the eighth biggest lender in Asia, is close to setting up an office in Doha, it was reported this week.

"The talks and procedures for setting up of a wholesale banking unit in Doha are in the final stages," Satyajit Pratap, chief executive officer-designate for the SBI branch told the Qatar Tribune newspaper.

The branch is expected to begin operations by March, and forms part of the bank’s aggressive global expansion plan, he added.

The outlet is expected to turn a profit in its first year of operation, Pratap said.

The lender first sought authorisation from the Qatar Financial Centre Regulatory Authority (QFCRA) to open a branch in May last year. The GCC region accounts for about a quarter of SBI’s business.

Ranked 62nd in the world, SBI is aiming to more than double its share of overseas business from around twelve percent to at least 25 percent over the coming years.

 

 

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