Mumbai: India's largest lender, State Bank
of India, expects to receive the Reserve Bank's and Doha
government's approval to set up a branch there by the first
week of December, a top SBI official said.
"We hope the permission will come by the first week of
next month. Currently, the proposal is under the consideration
of government and Reserve Bank of India," the SBI official
told PTI here.
As part of global expansion strategy, State Bank decided
to open a branch at the Qatar Financial Centre (QFC), Doha and
approached the regulator for necessary permissions three
months back.
Once RBI clears the proposal, SBI will approach the Doha
government authorities for permission and the bank expects to
start operations of the branch by March-April, the official
said.
Initially, SBI plans to use the branch for wholesale
banking, loan syndication and corporate advisory businesses,
though later it will consider venturing into retail banking.
Doha has nearly 4 lakh Indian population and many Indian
corporates have operations in that country, the official said
PTI
First Published: Tuesday, November 24, 2009, 13:06