Doha Bank, the largest private commercial bank in Qatar, promoted by its royal family, has signed a Memorandum of Understanding (MoU) with Indian financial services firm Centrum Group to scale up each other’s operations in banking, wealth management and foreign exchange in India and the GCC countries.
The strategic tie-up would allow the Indian company to leverage Doha Bank ‘s network to expand its presence in the Gulf Cooperation Council (GCC) countries, while paving the way for the Middle East entity to increase its footprint in India.
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Launched in 1995, the Bombay-based financial firm has over 100 outlets spanning 48 cities across India and more than one million retail customers with a strong presence in forex, wealth management, equity capital markets, institutional broking and investment banking services.
Jaspal Bindra, Chairman of Centrum Group, commented on the news: “The alliance with Doha Bank will enable us to offer our services to international corporate clients as well as non-resident Indians (NRIs) based in GCC countries. Doha Bank can leverage our extensive high networth Indians and corporate client base to expand their operations here.”
“We believe this partnership will enable us to introduce our prolific bouquet of products in India and, at the same time, give our GCC clients the opportunity of investing in Indian markets and being a part of the India growth story,” added Seetharaman, Group CEO of Doha Bank in an accompanying statement.