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Friday, February 09, 2018

Doha Bank soft launched its Chennai Branch



CHENNAI BRANCH WILL ENHANCE SYNERGIES AMONGST QATAR, INDIA AND DOHA BANK GLOBAL NETWORK

Doha Bank soft launched its Chennai Branch in Feb 2018. Doha Bank had received RBI approval to relocate one of its two branches in Mumbai i.e. Raheja Center, Mumbai branch to Chennai, India. 

This is its third city in India after its successful establishment of branches in Mumbai and Kochi. As a part of the soft launch, Doha Bank hosted a press conference at its Chennai branch.



Doha Bank, through its three branches, providescorporate banking, retail banking, SME, treasury, trade finance and foreign exchange services. Their corporate and SME product offerings include Term Loans, Working Capital (INR as well as in Permitted Foreign Currencies), Trade Finance Products like LC’s, Bank Guarantees (Bid Bonds, Advance Payment and Performance Guarantees), Buyers’ and Suppliers Credit as well as Treasury Products / Hedging Solutions like Spot / Forward Contracts / Options / Interest & Currency Swaps. 

On the Retail and NRI side, they offer the entire range of liability products like Savings Account (NRE, NRO and Ordinary), Current Account, Term Deposits (Short Term as well as Long Term), FCNR (B) Deposits, Exchange Earners Foreign Currency Account (EEFC), PIS Accounts with Internet Banking facility. In addition for NRIs, through their collaborations, they offer home loans, wealth management and estate & succession planning services. The bank provides technology-driven customer-centric solutions to include Internet banking, mobile banking, app-based solutions, instant e-remittances solutions 24/7 from its gulf branches to its branches in India though the RTGS and NEFT platform to any of the 85,000 bank branches in India and offers ATM services connectivity through an extended network in India.

At the launch, Dr. R Seetharaman, CEO of Doha Bank Group, gave insight on global economies. He said “According to IMF Jan 2018 Outlook, the advanced economies are expected to grow by 2.3% in 2018 and 2.2% in 2019 respectively. The emerging and developing economies expected to grow by 4.9% in 2018 and 5% in 2019 respectively. The Fed meeting in Jan 2018 has acknowledged the fast pace of inflation and has forecasted three rate increases this year after raising borrowing costs three times in 2017. We have also seen surge in bond yields and slump in capital markets in recent times.”

Dr. R Seetharaman highlighted on Indian economy and Tamil Nadu economy. He said “India is projected to grow at 7.4% of its gross domestic product (GDP) in 2018 making it the fastest growing economy among the emerging economies following last year’s slowdown due to demonetization and the implementation of Goods and Services Tax (GST). The recent budget gave fiscal deficit guidance for 2018 and 2019 as 3.5% and 3.3% of GDP respectively and focused on rural welfare, national healthcare, education, social security, defense and infrastructure allocations.The recent RBI meeting maintained status quo on the policy rate, but raised red flags about potential steep spike in prices, fiscal concerns, and the likely fallout of volatility in global financial markets.Tamil Nadu has a diversified manufacturing sector and features among the leading states in several industries like automobiles & components, engineering, pharmaceuticals, garments & textile products, leather products, chemicals & plastics. Due to its achievements as an auto production hub, Chennai is considered as the ‘Detroit of India’. Chennai is one of the top 10 global automotive clusters, and this sector continues to attract interest across various automotive ancillary units. ”

Dr. R.Seetharaman provided his insights on Qatar economy. He said “IMF Oct 2017 has forecasted Qatar economy growth at 3.1% in 2018. In response to the economic blockade, Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy. Qatar’s reserves are more than twice of its GDP and in terms of financial stability Qatar is strong, stable and functional. Qatar lending growth in 2017 was close to 8% and deposit growth was more than 13%.Government, real estate and services sector were the contributors to the lending growth. In terms of food security, Qatar now has many local companies that are supporting the country and it can develop these businesses further and boost its food production for both local and international consumption. Qatar’s landmark residency plan is a welcoming social and economic reform. Qatar has also waived entry visa requirements for citizens of 80 countries.Qatar 2018 Budget allocations for health, education and transportation reached QR83.5 billion or 41% of total expenditure. The transportation and other infrastructure projects were assigned the largest share in the 2018 budget with allocations of QR42.0 billion, 21% of total expenditure.”


Dr. RSeetharaman highlighted on Qatar-India bilateral relationships and on Kuwait bilateral relationships with Qatar and India. He said “The Gulf – India trade is close to $100bn in recent years. The bilateral trade between Qatar and India during 2016-17 was above $8bn. Qatar’s major exports to India include Petrochemicals, LNG, fertilizers, Sulphur and Iron Pyrites. Qatar’s major imports from India include accessories, manmade yarn, fabrics, made-ups, cotton yarn, transport equipment & machinery and instruments.In recent times Kuwait – Qatar trade is close to US$1Bn&Kuwait India trade is close to US$6bn. 

Qatar is involved in non-hydro carbon diversification which will give immense opportunities for the Tamil Nadu Corporates and SMEs to explore in infrastructure development in the region. Tamil Nadu is also a growing economy and hence the bilateral trade and investments between Tamil Nadu and Qatar are also expected to surge in future. We are looking at infrastructure creation, real estate, contract manufacturing, trade, corporate houses, SMEs and services to tap potential clients from Tamil Nadu. Qatar and other economies in the region have huge potential in these sectors. We want to promote investments by taking entrepreneurs from Tamil Nadu to Qatar and its global footprint. Also, Doha Bank has been promoting remittances from Qatar, Kuwait, Oman to India including Tamil nadu. Doha Bank would like to provide a glimpse of these trends and look forward to synergize on the cross border relationships between Tamil Nadu, Qatar and its global footprint to its customers from Chennai branch. Hence Chennai branch will enhance synergies amongst Qatar, Tamil Nadu and Doha Bank Global network. ”

Doha Bank soft launched its Chennai Branch Reviewed by S. Chitra on February 09, 2018 Rating: 5 CHENNAI BRANCH WILL ENHANCE SYNERGIES AMONGST QATAR, INDIA AND DOHA BANK GLOBAL NETWORK Doha Bank soft launched its Chennai Branch ...

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