ICICI bank opens its first branch in Doha

Dubai, May 6: ICICI Bank, India's largest private sector lender, has opened its first branch in Qatar Financial Centre (QFC) in Doha to provide private banking solutions to high net worth Indian expatriates for boosting fee incomes.

The bank, whose international operations constitute 18 per cent to its balance sheet, is eyeing a substantial pie in Qatar's project finance and is also open to set up an overseas banking unit (OBU) through which it would be able to book assets here, which otherwise is done in Bahrain.

The QFC branch, its 18th office outside India and fourth in the GCC region, is eyeing 1,000 customers initially to offer a wide range of India-linked and global investment products worth 1 million dollars and above.

''There are lots of opportunities in private equity since money in the region is seeking alternative investment around the world,''ICICI Bank Managing Director and CEO K Vaman Kamath told reporters yesterday.

The QFC branch would seek to offer investment products, including wealth management and real estate, as well as help clients in arranging for syndicated loans and help in mergers and acquisitions.

''There are several opportunities like setting up of new projects and advising the corporates. We will also probably see mergers and aquisitions opportunities,'' Kamath added.

UNI