Doha Bank Licensed to Commence Full-Scale Banking Operations in India

Dubai, December 11, 2013: H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of Doha Bank Board of Directors said that Doha Bank has been granted the license to commence its banking operations in India and is permitted to open a branch in the city of Mumbai to provide full-scale banking services. He also said that in line with the expansion strategy adopted by the Board of Directors over the years with a view to expanding the operations of Doha Bank at the local, regional and international levels, the license from the Reserve Bank of India to start operations in India is yet another milestone and testimony and is considered as the only Qatari Bank to obtain such a license.

H.E. Sheikh Fahad added that with this new banking license, Doha Bank will soon start its operations as a Foreign Bank branch in the city of Mumbai in India and will offer wholesale banking, retail banking, treasury and trade finance services to all customers in India being the only Qatari bank to offer such facilities to its customers. This license will further enhance the niche role Doha Bank is playing and facilitate the movement of trade between Qatar and India. The proposed branch will contribute in servicing a larger segment of the Bank's customers in both countries and will help its corporate customers in India to get the most benefit out through the representative offices located around the world.

H.E. Sheikh Fahad also said that Doha Bank will ensure to comply with the regulatory instructions of both Qatar Central Bank and the banking supervisory authorities in India and that the Board of Directors and Executive Management of the bank will exert their utmost efforts to achieve all the desired goals from this  opening up of branch in India.

On this occasion, Doha Bank's Managing Director, H.E. Sheikh Abdul Rahman bin Mohammad bin Jabor Al-Thani said that Doha Bank is the first Qatari Bank to have a full-scale operations in Dubai, Abu Dhabi, Kuwait and India, and this new license for opening a branch in India will not only add value to the bank but will enhance its capabilities in supporting all corporate and individual banking needs.

H.E. Sheikh Abdul Rahman highlighted the fact that India has huge bilateral trade relationships not only with Qatar and the GCC markets but also with most of the global locations where Doha Bank is already present through its 11 representative offices located around the world and hence the bank will be able to offer full-scale banking services to all the companies operating in these locations. He further stated that Qatar-India bilateral annual trade is around USD 16 billion in 2013-2013 and that India is an emerging economy and there are huge opportunities of growth available in the infrastructure and other sectors hence we see huge potential for bringing additional value to Doha Bank shareholders through new operations in India and due to the strategic locations where Doha Bank operates, we will capture new investment opportunities.

Mr. R. Seetharaman, CEO of Doha Bank stated that there is a large Diaspora of Indian population in Qatar and GCC and that various Indian companies are active in infrastructure projects, therefore he pointed out that the license we got to start our operations in India will pave the way for the bank to support all expatriates with the best in class solutions especially remittance solutions through all our existing branches. Doha Bank has been supporting various Indian companies present in Qatar for their local banking needs and we wish to extend our services and facilities to the same companies for their operations in their home markets as well.

At the end of his statement, H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of Doha Bank's Board of Directors extended his sincere thanks and appreciation to H.E. Sheikh Abdullah Bin Saoud Al-Thani, the Governor of Qatar Central Bank, and the officials at the Reserve Bank of India for the support that the bank received until it finally obtained the license. He also wished that the approval for opening a new branch for Doha Bank in the city of Mumbai, India will be beneficial for both countries.

About Doha Bank

Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.-

As one of Qatar's leading financial services company, Doha Bank is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Doha Bank provides individuals and commercial, corporate and institutional clients across Qatar and even internationally, new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through an extensive network, and multiple access channels.

The Dubai branch of Doha Bank was opened in 2008.