Doha Bank Eyes 5 billion dollar Biz in 3 yrs - The New Indian Express

Doha Bank Eyes 5 billion dollar Biz in 3 yrs

Published: 05th April 2014 07:59 AM

Last Updated: 05th April 2014 07:59 AM

With the Qatar-based Doha Bank set to open its first branch in the country in Mumbai, R Seetharaman, Group Executive Officer, said that the bank would be looking to scale up its operations in India to an exposure of $5 billion within three years.

Speaking on the sidelines of an event showcasing the opportunities for Indian businesses in Qatar and GCC, Seetharaman pointed out that the bank was confident that the Indian economy would bounce back and that they were here to stay.

“The bilateral trade between India and the Gulf is $159 billion and the Free Trade Agreement (FTA) is expected to enhance it by 40 per cent. Our initial exposure here is $1.2 billion and we are expecting to scale it up to $5 billion within three years,” he said.

The CEO also pointed out that the global economic growth was driven by the emerging economies, with India, China and West Asia expected to grow at 5.6 per cent, 7.5 per cent and 4.5 per cent respectively with an average of 5.2-5.4 per cent as opposed to the aggregate expected growth in advanced economies of 2.1-2.3 per cent.

“Very few Indian businessmen have ventured into the Gulf and they are missing huge opportunities. The Gulf is seeing huge growth in healthcare, infrastructure and other sectors. And the real opportunity lies in countries with investible surplus, the Gulf has announced a cumulative fiscal expenditure this year of $409 billion. This is where the opportunity is,” he said.

He also said that Doha Bank would not be averse to taking the subsidiary route if that is what was required to scale up their presence in the country.

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