Doha Bank enters Indian financial services industry

Kochi, May 11 (UNI) The presigious Doha Bank of Qatar today entered the Indian financial services industry by acquiring a 49 per cent stake in the Kerala-based Selectgroup, which owns the brokerage network 'Investnet'.

Signing the strategic tie-up with Selectgroup CEO Prince George here, Deputy CEO Doha Bank R Seetharaman said this was the bank's first investment in India. The Indian financial services sector was being viewed as the ''hottest growth zone'' in the emerging markets, he added.

Stating that NRIs formed a major customer base for all banks in the Middle East, Mr Seetharaman said NRIs were showing great appetite for capital market products.

''This tie-up will enable us to offer a wider product range and value added services to our customers, especially to our expatriate customers from India,'' he added.

Disclosing that Doha Bank had approached SEBI to commence FII operations in the Indian capital market, Mr Seetharaman said the bank had planned to channelise investments in the Indian equity market through mutual funds floated in the Middle East.

''We have a very ambitious plan for investments in India. We are closely watching the regulatory changes taking place here,'' he added.

Kerala Industries Minister Elamaram Kareem, who was the Chief Guest at the function, said foreign investors were showing keen interest in investing in Kerala. ''Almost every day, a foreign business delegation meets me to explore the potential of investing in Kerala,'' he added.

Mr Prince George said the strategic tie-up would give a big boost to Selectgroup. The group had planned to increase the number of branches from 120 to 200 in this financial year and also to commence margin funding and stock lending activities.

It also planned to establish a training institute for professionals in the financial service sector.

UNI