Qatar-headquartered Doha Bank is open to acquiring financial institutions or private sector banks in India to expand its footprint swiftly. The bank, which plans to open its first branch in Mumbai next month, is also looking to expand through the subsidiary route, said Chief Executive Officer R Seetharaman.

Seetharaman said Doha Bank, which received the RBI’s go-ahead late last year, will offer corporate and retail banking, treasury and trade finance services to its customers in India. Besides, it will offer remittance solutions to Indian expatriates in West Asia.

Cross investment Pointing out that the number of retail customers the bank could cater to would depend on its branch network, he said the bank will expand its retail footprint across major tier I and tier II cities at the earliest, subject to the regulator’s approval.

“In the next couple of months, we will apply for additional licences,” he said.

According to him, in the first year of its India operations, the bank’s topline would be in excess of $2 billion. “As of now, we have a $1-billion exposure in India. We expect to take it to beyond $5 billion in the following two-three years.” To achieve this, the bank is also open to acquisitions if needed. “We want to scale up fast.”

The bank can also facilitate cross investments between the two countries. “We will be able to promote bilateral relationship with business houses in both countries in a big way,” Seetharaman said.

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