ICICI Bank, India’s second largest bank, is the first Indian bank to receive a license from Qatar Financial Centre Regulatory Authority (QFCRA).
This branch would be the fourth office of ICICI Bank in the GCC region after the Dubai Representative Office, the Bahrain Branch and the DIFC branch in Dubai. The licence has been granted after due diligence conducted by the QFCRA and the Reserve Bank of India.
Ms. Meenal Mahajan has been appointed as the Resident Manager in-charge of the branch and she will be located in Doha, Qatar.
ICICI Bank’s business development within the GCC markets will be aided by the ICICI Group’s high standing among the Asian community and among Indian corporations and multinationals.
On the occasion, Mr. Nimesh Shah, Senior General Manager, ICICI Bank Limited said,
“With the pace of economic growth and development in Qatar, ICICI Bank sees a significant opportunity to participate in the growth of the country. We are delighted to set up a branch at QFC. The QFC with its advanced regulatory framework provides the necessary platform to expand the International Private Banking operations for ICICI Bank.”
Mr. Stuart Pearce, Chief Executive Officer and Director General of the QFC Authority, added “Given the historical and significant trading relationship between India and Qatar, as well as the Gulf region as a whole, there is a strong case for Indian financial institutions to come and participate in Qatar’s rapidly growing market for financial services. We welcome ICICI as the first Indian institution that the QFC has licensed. It will undoubtedly be followed by other Indian financial institutions and firms that support the finance industry which have expressed a strong interest in what Qatar has to offer.”
ICICI Bank set up the International Banking Group (IBG) to implement a focussed strategy for its international banking business. ICICI Bank’s international presence currently spans 17 countries and includes wholly owned subsidiaries in the United Kingdom, Canada and Russia; offshore banking units in Singapore and Bahrain; an branch in Dubai and Qatar, branches in Sri Lanka, Hong Kong, Belgium; and representative offices in the United States, China, United Arab Emirates, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.
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