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Doha Bank to open wholly-owned subsidiary in India

Doha bankDoha Bank is planning to open a wholly-owned subsidiary in India through which it wants to scale up its operations to Tier I and Tier II cities, according to the bank’s group CEO Dr R Seetharaman. The decision to open the subsidiary was declared after the Qatari Businessmen Association’s (QBA) meeting with Indian prime minister Narendra Modi, who was in Qatar on a visit. Doha Bank, which already has three branches in India, want to scale it up further to subsidiary. Once the bank has a subsidiary, then it will put up its performance in Tier I and Tier II cities and that is the bank’s medium and long-term goals, Seetharaman said. In the first phase, Doha Bank looks have 12 branches in two to three years in those Indian cities which are synergistic to its operations. The preference would be opening more branches predominantly in Gujarat, Tamil Nadu, Karnataka and Andhra, he said.

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