In a bid to expand globally State Bank of India has announced that it is in final stage of dealings to open a bank office in Doha. State bank of India is the largest bank in India and is ranked 8th in Asia.
A senior official informed that "The talks and procedures for setting up of a wholesale banking unit in Doha are in the final stages,”
Opening a branch in Doha is very critical step to tap business opportunities in the gulf region. The bank further plans to expand the network in the country as well as in the Gulf region.
The bank officials believes strongly that the country has a lot of potential and the bank expects that the Doha branch will start registering profits by the end of the first year of operations.
The bank is presently ranked 62nd globally. The overseas profit earned by the bank is around 16 percent of the total business by the bank. The bank aims to increase the overseas business share in the total profit to 25 percent.
The services would include collecting large commercial deposits and making big loans to high net worth corporates and individuals, offering bank guarantees, counter-guarantees, Lines of Credit among others. The bank also plans to offer investment and retail banking services to tap into the presence of a large number of Indian and Asian business entities and expatriates in Qatar.
The bank presently have 152 branches in 32 countries and plans to increase the total number of overseas offices of the banks to 1,000 in next couple of years.
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