The Hindu : Business : Doha Bank’s Indian arm to establish NBFC

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Saturday, May 24, 2008
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Doha Bank’s Indian arm to establish NBFC

S. Varadharajan

Sees huge opportunities in financial services sector

R. Seetharaman

CHENNAI: Doha Bank, one of the largest banks in Qatar, will be establishing a non-banking finance company (NBFC) in India through its associate Doha Brokerage and Financial Services Limited.

R. Seetharaman, Group CEO, Doha Bank, said the licence had already been received from the Reserve Bank of India and the NBFC would be operational in the next 3-4 months. Mr. Seetharaman said a huge capital would be infused in the NBFC as India was the most important financial destination.

Emerging markets

He said Doha Bank was focussing on the emerging markets and had ambitious investment plans for India. The bank’s first investment in India was in the equity capital of Kochi-based erstwhile Select Securities which was subsequently renamed Doha Brokerage and Financial Services. This brokerage was operating in 140 locations in India offering share and commodity broking and other financial services.

Mr. Seetharaman said Doha Bank was looking at opportunities for commencing banking operations in India. It had submitted its application in 2005 and was hopeful of establishing its presence in India in three years.

The bank had tied up with banks such as Axis Bank, IndusInd Bank and Tata Asset Management in India for distribution of financial products to its large base of NRI-customers.

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