Doha Bank partners with India’s Reliance, led by Anil Ambani

Qatar’s Doha Bank has partnered with Indian conglomerate Reliance ADA Group to look for new business development opportunities across the Gulf Cooperation Council countries and India.

The agreement is aimed at providing expansion prospects for both Doha Bank and the Reliance ADA Group, led by Indian businessman Anil Ambani, a statement said.

Earlier this year, Doha Bank became the first Qatari lender to establish full-scale banking operations in India after it completed the amalgamation formalities of the India operations of HSBC Bank Oman.

The lender formally inaugurated its Indian operations in April 2015, opening branches in Mumbai and Kochi with plans to soon expand into Chennai.

Doha Bank chairman Sheikh Fahad Bin Mohammad Bin Jabor Al Thani said at the time: “We consider India as an important market, being one of the fastest growing economies in the world, which is expected to overtake China in the years to come.

“With its presence in the GCC countries, it would further enhance the niche role Doha Bank is playing to facilitate the trade between GCC and India, benefiting its customers in both the locations.”

The new partnership with Reliance will further strengthen Doha Bank’s presence in India and the bank’s strategic role in trade finance and banking across the region, the lender said. It will also provide “synergy in product development” and mutual infrastructure support.

Chairman of Reliance Group Anil Ambani said: “We are glad to enter into this partnership which will further reinforce the economic interaction between GCC and India. Reliance Capital will look forward to offering customised solutions and investment products to Doha Bank customers.”

Doha Bank group chief executive R. Seetharaman added: “The arrangement will include financial services initiatives with Reliance Capital in the areas such as asset management, life and general insurance and distribution of financial services.”

Doha Bank is one of Qatar’s best performing lenders and recently posted a 1.8 per cent year-on-year growth in net profit for the first half of the year to reach QAR 801m. Total assets during the period also rose by 14.9 per cent to reach QAR 82.7bn as of June 30, 2015.