BoI takes over Qatar's Al Mana Exchange

Dubai, June 20 (UNI) Bank of India (BoI), with global assets worth over 25 billion dollars, is taking over the administrative reins of Qatar's Al Mana Exchange while proposing to set up a representative office or branch in the energy-rich country.

India's third largest nationalised bank, which so far had no presence in West Asia, plans to make Doha the hub of its activities in the region and is also open to tie-up with local banks to offer corporate and retail services, a top bank official said.

''As part of our overseas expansion plans, we have been trying to establish our presence in Doha either through a branch or representative office,'' BoI Chairman and Managing Director M Balachandran told Gulf Times.

BoI's first destination in West Asia will be Doha and it is ''our immediate priority,'' he said hinting that Qatar could be the hub for the consolidation of its activities in the region.

To a question whether the bank will be interested in going for strategic tie-ups with local banks, he said BoI, which has correspondence relations with 247 banks across 100 countries, is keen to have such relations.

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