NEWS
Doha Bank to shut India branches, transition to rep office
Doha Bank to close its Mumbai and Kochi branches after operating in India for over a decade; board’s decision is to keep only a representative office in India.
Doha Bank to close its Mumbai and Kochi branches after operating in India for over a decade; board’s decision is to keep only a representative office in India.
Qatar's Doha Bank is closing its branch operations in India, after earlier considering expansion plans in the market.
The branches will shut after operating for over a decade.
The bank will now keep only a representative office in India.
The strategic shift in decision was taken at the bank’s board meeting in Doha and announced on the local stock exchange.
The bank will gradually exit operations of its India branches after obtaining the necessary approvals from the regulatory authorities.
Doha Bank had launched its India operations in June 2014. The first branch opened in Mumbai, followed by another in Kochi. In 2016, it even considered applying for permission to have a subsidiary in India.
Adopting a different strategy, Emirates NBD agreed late last year to acquire a controlling stake in RBL Bank to deepen its business in the remittance market from the Gulf countries.
