Doha Bank to have 12 branches & $5-bn exposure in 3 yrs: CEO

After waiting for nearly eight years, Qatar-based Doha Bank has commenced business with its first branch in Mumbai. The bank, seeking to float a new subsidiary, is planning to have at least 12 branches and exposure of $5 billion in India.

Doha Bank's Chief Executive Officer R Seetharaman told Business Standard the bank would not compete with local lenders here, and would collaborate with them.

The bank inaugurated its first branch on April 29 at Mumbai, now having full-fledged operations, including remittance from Gulf countries. The bank acquired two branches, one in Kochi and one in Mumbai, from HSBC Oman. The two are in the process of getting integrated. The Kochi branch is expected to go on stream in January 2016, said Seetharaman.