Qatar National Bank to start operation in India

The Dollar Business Bureau

Qatar National Bank (QNB) on Sunday announced it has received approval to open a branch in India.

Qatar’s leading financial institution, which has officially completed purchase of Turkey's Finansbank for 2.7 billion, will soon provide its banking services in India.

It obtained the approval of India's regulatory authorities to conduct operations in that country, adding the move would help towards achieving its goal of strategic global expansion, QNB said in a statement.

The latest decision is a part of QNB’s global expansion plan. The Bank is currently present in over 30 nations across Africa, Asia, Europe and the Middle East.

The Bank, however, did not announce a specific date, when it would commence its operation in India.

QNB, along with its subsidiaries, gives commercial banking service and products. The bank currently operates across four banking segments: asset and wealth management, consumer banking, corporate banking, and international banking.

Earlier this year, the Reserve Bank of India (RBI) has received proposals from two Pakistan-based banks (United Bank and MCB Bank) and three Iran-based banks (Parsian Bank, Saman Bank and Bank Pasargad to open their branches in India.