Qatar National Bank will start operations in India in the third quarter of this year, the bank said on Tuesday, expanding its reach to Asia's third-largest economy.
Qatar National Bank to start India operations in expansion push
Qatar National Bank, one of the most acquisitive Gulf Arab lenders, will start operations in India in the third quarter of this year, the bank said on Tuesday, expanding its reach to Asia's third-largest economy.
The state-owned bank, which has a presence in nearly 25 countries, said it had received all regulatory approvals to establish a fully-owned subsidiary under the name of QNB India Private Limited, which is expected to begin operations in the third quarter.
QNB said it would offer consultancy and advisory services in investment and finance for Middle Eastern companies looking to establish businesses and/or invest in India.
The bank, which also has stakes in lenders in countries such as Indonesia, Jordan and Tunisia, wants its international business to contribute around 40 per cent of profit and 45 per cent of total assets by 2017, chief financial officer Ramzi Mari said in December.
QNB also said then that it was looking at a majority stake in a top 10 Turkish bank.
Late last year, it agreed to buy the Egyptian arm of French bank Société Générale for US$2 billion, its largest acquisition to date.