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Public sector lender State Bank of India (SBI) will set up a branch in Doha during the first quarter of 2011.
“The new office should start functioning by March 2011,” the Chief Executive Officer—designate for the SBI branch, Mr Satyajit Pratap, told Qatar Tribune on Monday.
As per the report, the bank had sought authorisation from the Qatar Financial Centre Regulatory Authority (QFCRA) in May 2010 to open a wholesale banking unit in Qatar.
The opening of a business office in Doha is an important part of SBI’s aggressive global expansion programme, he added.
The bank, which has set up an overseas banking unit at its headquarters in Mumbai to assess and explore its expansion activities abroad, is keen on increasing its footprint globally.
Given the growing opportunities in Qatar and the Gulf region, SBI has been planning to enhance its presence and business profile in a big way.
SBI, which has 152 branches overseas, aims to increase the number of foreign offices to over 1,000 in the next couple of years. It also plans to open a branch office in Jeddah soon.
The Doha office would not only focus on enhancing its India—related business, but also take care of the global needs of the bank’s existing as well as prospective customers, Mr Pratap said.
The services offered by the bank would include collecting large commercial deposits and making big loans to high net worth corporates and individuals, offering bank guarantees, counter—guarantees and lines of credit.
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