Doha Bank Q.S.C. plans to set up a local subsidiary in India to build a retail branch network in the country, The Economies Times reported Dec. 19.
The bank will submit an application with the Reserve Bank of India after it gets approval from the Qatar Central Bank. The bank intends to seek Qatari central bank approval within two months, the newspaper reported, citing CEO R Seetharaman.
Doha Bank currently operates three branches in India. It intends to build a retail branch network in the country, with plans to initially operate in 12 locations. The bank will then expand its operations. The first phase of the plan is expected to be carried out in the next three years.