Doha Bank, one of the largest commercial bank in the State of Qatar, held the inauguration ceremony of its Indian operations on Wednesday, 29 April 2015 in Mumbai. Doha Bank is the first Qatari Bank to establish its full scale banking operations in India.
The inauguration ceremony was well attended by several high-profile dignitaries including H.E. Ali Sharif Al Emadi, the Hon’ble Minister of Finance, State of Qatar, H.E. Sheikh Abdullah Bin Saoud Al-Thani, the Governor of Qatar Central Bank and the Hon’ble Shri Suresh Prabhu, Minister of Railways, Government of India.
The inauguration ceremony was also attended by the Indian Ambassador to the State of Qatar Mr Sanjiv Arora, Ambassador of the State of Qatar to India, Mr. Ahmed Ibrahim al Abdullah, Ambassador to India from other GCC countries, Hon’ble Minister of Industries – Government of Maharashtra, Mr. Subhash Desai, Hon’ble Minister of State for Finance and Rural Development, Government of Maharashtra, Mr. Deepak Vasantrao Kesarkar, Consular Generals from the Gulf Cooperation Council (GCC) countries, and leaders from key Corporates, prominent dignitaries from GCC countries as well as India along with senior members from the banking community in India.
Doha Bank was represented by H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al Thani, Chairman, H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al Thani, Managing Director, Mr. Ahmed Al Khal, Board Member of Doha Bank, Dr. R. Seetharaman, CEO of Doha Bank along with the senior management team of Doha Bank.
“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” said His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank.
He further added that, “Doha Bank has been pursuing a well thought out international expansion strategy as envisioned by the Board of Directors of the Bank, by extending our global footprint across 15 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, benefitting its customers in both the locations.”
His Excellency Sheikh Abdul Rahman Bin Mohammad Bin Jabor Al-Thani, the Managing Director of Doha Bank, said “The inauguration of banking operations in India is yet another milestone and stands testimony to Doha Bank’s constant endeavor to be recognized 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 economy, as we embark on our journey towards becoming a truly global banking powerhouse and a one-stop financial services provider, recognized beyond the shores of the Arabian Gulf.”
Dr. Seetharaman said, “The huge size of the Indian market, along with its rising per capita income levels and business-friendly policies, render India as an essential and strategic location for Doha Bank.”
On the products and services offered by Doha Bank, Dr. R. Seetharaman, further added that, “We are keen to expand our operational presence in India in the years to come and have already set in motion our plans to service the customers through innovative and technology driven products and services.”
“Some of the key products and services include comprehensive NRI 4 in 1 account packages, privileged status for HNIs, credit passportability, Project Finance/advisory services to link GCC markets, ECBs, unique deposit/investment products for Non Resident Indians. All these products would be appropriately supplemented by technology driven solutions such as digital account opening – Tablet Banking, best in class mobile as well as phone banking solutions with SMS Alerts, robust Internet Banking solutions, instantaneous e-remittances from GCC to India, online payment integration with utility services and dedicated ‘India Desk’ across all Doha Bank overseas locations to service its customers.”
Dr. R. Seetharaman said that the bank will play a significant role in bridging the GCC investors with various business houses seeking investments in India, in line with the vision set out by the Government of India and thus fulfill the needs of the investors and the entrepreneurs through its dedicated Project Finance team.
As one of Qatar’s leading financial services institution, Doha Bank has been consistently registering strong growth during the last decade in terms of asset growth, loan growth, deposit growth and increase in shareholders’ value.
Doha Bank established its overseas branches in Kuwait, Dubai (UAE) and Abu Dhabi (UAE) as well as Representative offices in Japan, China, Singapore, Hong Kong, South Korea, Australia, South Africa, Turkey, the United Kingdom, Canada, Germany and Sharjah (UAE). Recently, Doha Bank completed the process of amalgamation of the HSBC Bank Oman’s India operations as at the close of business on March 31, 2015.