ICICI seeks licence from Qatar Financial Centre

Dubai, Oct 3 (UNI) India's second largest bank ICICI Bank plans to seek a licence to operate from the Qatar Financial Centre (QFC).

ICICI Joint Managing Director Kalpana Morparia said the bank has applied for sanction to operate out of the QFC, and once that is received it would approach the QFC for the licence.

Thousands of Qatar based non-resident Indians (NRIs) will be able to access the services of ICICI Bank.

"Qatar-India ties are growing. We believe it can be a win-win situation from the banking proposition," she told Gulf Times.

She said a key focal point of ICICI Bank was to build strong India-linked opportunities not only for NRIs but also Indian companies that operate abroad.

For instance, several major Indian companies are now entering Qatar for business. They may require an Indian bank to partner with.

"We can fit the bill," she said.

ICICI Bank, with over 640 branches and some 2,200 ATMs spread across India, prides itself in running "ultra low-cost transaction platforms," Ms Morparia said.

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