Qatar’s Doha Bank considering Indian subsidiary

Kolkata, July 10 (IANS) Qatar-based commercial bank, Doha Bank on Friday said it is considering setting up a subsidiary in India to expand its presence across various cities.

“We need a full-scale subsidiary for our operations in India to enter more markets. This is our long term view,” the bank’s CEO R. Seetharaman told media persons here.

He said of the two branches in Mumbai, the bank may relocate one to other city.

“West Bengal may be considered for relocating the branch as is has substantial presence of small-medium scale industries,” he said.

Doha Bank presently has two branches in Mumbai and one in Kochi.

According to Seetharaman, the bank is offering cheaper credit and 87 percent of its lending is guaranteed by the Qatar government.

Its total credit in India is in the tune of $2 billion presently and expected to touch $3 billion in the coming three years.

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