Doha Bank unveils aggressive Asian expansion plans

30/01/2018 06:05 AST

Doha Bank, one of Qatar's largest private commercial banks, has unveiled its aggressive expansion plans in fast-growing Asian economies.

After opening its branches in India, the bank is planning to expand its footprint to Nepal, Vietnam and Sri Lanka.

Doha Bank already has two fully functional branches in Indian cities- Mumbai and Kochi. The third branch will be opening soon in Chennai city of the Southern Indian state of Tamil Nadu soon.

The soft launching of Chennai branch will be held during the first week of February and the official launch will be held in March/ April, the bank CEO Dr Seetharaman (pictured) said while announcing the full-year financial results of the bank for 2017, recently.

"India is one of the world's fastest growing economies. With growing opportunities between India and the Gulf region, more tie-ups and collaborations are coming up. This is going to play immense opportunities for the bank," Dr Seetharaman said.

In terms of international expansion, he added, the bank has already received approval to operate in Sri Lanka.

Doha Bank will be commissioning the Sri Lankan office very soon."We will be soon opening our operations in Nepal as well. Also on the card this year is the opportunities to open office in Vietnam", he said.

Doha Bank's trade finance portfolio is growing solid. As a whole it is improving between various parts of the world, especially during 2017 and 2018. Doha bank sees commendable opportunities in terms of trade finance.

The Bank was named as the Best Trade Finance Bank in Qatar at the Global Finance Awards 2017. The annual award is considered one of the most prestigious in the banking and finance world, and recognizes leading trade finance providers in 9 regions and 84 countries around the world..

On the corporate side, he said, the bank has done quite well in 2017. The bank funded major projects in Qatar like Qatar Industrial Manufacturing Company to develop its headquarters building.

The bank was also supportive of Qatar General Electricity and Water Corporation's (Kahramaa) ambitious water conservation project.

The bank is playing a key role in the country's financial inclusion programme by supporting SME sector.

The bank sees bigger opportunities in Qatar's SME sector. Doha Bank and QDB will work together to promote SMEs entrepreneurs, Dr Seetharaman said.

Qatar is going to do will in terms of economic performance going forward. Doha Bank has showcased Qatar's immense investment potential in a series of global markets, during the blockade period.

The global markets that the bank showcased Qatar opportunities included New York, Frankfurt, London Sydney, Singapore and Toronto.

The bank is keen on showcasing Qatar as the best investment destination in more markets, going forward, he said.

"Qatar is going to do well in terms of economic performance this year. We are seeing a great momentum in terms of oil price.We foresee a sustainable growth in 2018," he added.

The Peninsula