ICICI to set up branch in Doha's QFC

Dubai, Apr 25 (UNI) India's leading private banker ICICI Bank Ltd has received a licence for setting a branch in Doha's Qatar Financial Centre (QFC).

''ICICI bank has become the first Indian bank to receive a licence from Qatar Financial Centre Regulatory Authority (QFCRA) and sees significant opportunities to participate in the growth of the Qatari economy,'' ICICI Senior General Manager Nimesh Shah said.

The QFC, with its advanced regulatory framework, provides the platform to expand the international private banking operations for ICICI Bank.

It also announced the appointment of Meenal Mahajan as the bank's Resident Manager.

QFCRA Chief Executive Officer and Director General Stuart Pearce said there is a strong case for Indian financial institutions to set up operation in Qatar and participate in its rapidly growing market for financial services.

He hoped that with the decision of ICICI Bank to move in more Indian financial institutions and firms would seek to enter Qatar.

The branch at the QFC would be its fourth office in the GCC with ICICI having global presence spanning 17 countries.

UNI