Doha Bank Seoul representative Office inaugurated

The inauguration was also attended by H.E. Mr. Khalid Ali Abdullah, Acting Ambassador of State of Qatar to Republic of Korea, H.E. Mr. Jong Yong Kim, Republic of Korea Ambassador to State of Qatar, H.E. Mr. Sung Il Lee, Senior Deputy Governor of Central Bank of Republic of Korea, H.E. Mr. Yong Hwan Kim, Standing Commissioner of Financial Service Commission, H.E. Mr. Jang Yung Lee, Deputy Governor of Financial Supervisory Services and in the presence of dignitaries and businessmen from Republic of Korea.

Doha Bank is the first bank from State of Qatar to open a representative office in the Republic of Korea.

Doha Bank now has established a dominant position in Middle East banking landscape with operations spread across State of Qatar along with full fledged branches in New York-USA, Dubai-UAE, Kuwait-State of Kuwait, representative offices in Istanbul-Turkey, Tokyo-Japan, Singapore, Shanghai-China, Bucharest-Romania, London-United Kingdom apart from Seoul-Republic of Korea and an extremely strong network of correspondent banking relationship.

The ribbon-cutting ceremony was held in the representative office premises, situated in 18F1 Kwanghwamun Building 211 Sejong-Ro, Chongro-Ku, Seoul, Korea. Thereafter, it was followed by a knowledge sharing session and grand dinner reception at Crystal Grand Ballroom in the Lotte Hotel. The knowledge sharing and dinner reception was attended by dignitaries, government officials, regulators, bankers and businessmen from the State of Qatar and Republic of Korea.

H.E. Sheikh Abdulla Bin Saud Al Thani, Governor Qatar Central Bank while delivering his congratulatory speech expressed happiness on the warm hospitality extended by H.E. Mr. Sung Il Lee, Senior Deputy Governor of Central Bank of Republic of Korea.

H.E. Sheikh Abdulla continued saying:

"I am personally happy to witness Doha Bank's Seoul Representative Office inauguration today, in continuation to the decades of friendly relationship between both of our countries, this occasion marks a significant milestone in fostering the existing strong bilateral relationship between State of Qatar and Republic of Korea. State of Qatar and Republic of Korea has long standing strong fraternal ties amongst each other. Further, Republic of Korea is also the largest trade partner for State of Qatar accounting for more than $1bn value worth of State of Qatar's imports growing at a average of over 40% year-on-year and more than $7bn of State of Qatar's exports and re-exports growing at a average of over 50% year-on-year. Further, Republic of Korea is the home of industrial conglomerates like Hyundai Motor Company, Kia Motors (both from automobile sector), Hyundai Heavy Industries, Samsung Heavy Industry, POSCO (all from ship building sector) and host of industrial giants from semiconductors-electronics industrial sectors."

"These key industrial conglomerates have started having significant presence in the Gulf region especially in the State of Qatar. State of Qatar strength is in oil, gas & petrochemical and real estate sectors, while strength of Republic of Korea is in automobiles, semiconductors, electronics, shipbuilding and steel sectors. Therefore, natural complimentary synergy exists between both the blocs making them strong allies and logical partners. Further, in recent times corporate in State of Qatar and Republic of Korea are working closely towards various joint investment opportunities in oil, gas and petrochemical industrial sectors, these joint investments are estimated in the range of $5bn to $10bn. Republic of Korea is also one of the top ten export countries of State of Qatar and since 2007 we export about 8.2 million tons per year of LNG with estimated value of more than $7bn. These proposed opportunities further adding significantly to the existing bilateral relations between State of Qatar and Republic of Korea. Further, State of Qatar in addition to its own intrinsic attractiveness is also very strategically located right in the middle of Asia and Africa - proximity to two huge markets, bringing forth immense opportunities to industrial conglomerates from Republic of Korea," he added

H.E. Sheikh Abdulla also highlighted the ongoing partnerships between Korean Gas Company and Ras Gas since 1995 and more recently cited various contracts with Korean shipyards to build fleet of LNG tankers.

On talking on the Qatar Government and the Qatari banking sector, H.E. Sheikh Abdulla said, "Qatar economy is enjoying the fruits of a development strategy set in the 1990s that combines economic openness with a clear economic diversification plan and institutional reforms. These strategies have enabled us to achieve high economic growth over the last five years and enable us to sustain this growth rate in the coming years, despite the looming financial crises world over. The banking sector in Qatar proved to be insulated against the sub-prime and the financial crises. The performance of Qatari banks in the first 9 months of 2008 indicates the strict adherence to the capital adequacy standards, the assets-quality and the liquidity standards." In his concluding remarks, H.E. Sheikh Abdulla expressed his wishes on Doha Bank's success in its operations in Republic of Korea.

H.E. Mr. Jong Yong Kim, Ambassador of Korean to Qatar while delivering his congratulatory speech said, "Doha Bank is the first bank from the GCC region having its presence in Republic of Korea. I truly honor this visionary decision of Doha Bank and the leadership of State of Qatar under His Highness Sheikh Hamad Bin Khalifa Al-Thani, the Emir of State of Qatar, who supported and endorsed this decision". In his concluding remarks, H.E. Mr. Jong Yong Kim expressed his confidence that this landmark milestone vision by Doha Bank will go in a long way in fostering bilateral relationship between State of Qatar and Republic of Korea.

Mr. R. Seetharaman, Chief Executive Officer Doha Bank in his keynote address highlighted Doha Bank's comprehensive range of financial services being deployed through consumer centric technology and innovative delivery channels. Further, he also highlighted the expanded service network of Doha Bank through its 100% owned insurance company Doha Bank Assurance Company offering comprehensive general insurance solutions and through associate company Doha Brokerage & Financial Services for providing comprehensive brokerage and asset management solutions. He said all these strategic initiatives are in line with Doha Bank's strategic vision to converge as One-stop Financial Service provider and thereby providing the necessary value-advantage to corporate across the globe through its strong global networks.

Mr. Seetharaman in his concluding remarks said, "With performance, innovation, security and quality being the hallmarks of Doha Bank's sustaining performance, Doha Bank's Seoul Representative Office will strive to explore avenues and strengthen the bilateral relationships between State of Qatar and Republic of Korea." He welcomed businessmen and industrial conglomerates in Republic of South Korea for a unique and rich financial service experience with Doha Bank.