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When contacted, Doha Bank chief executive officer R Seetharaman told Business Standard,"it (banking operations) would start from the next financial year."
He said banking operations would be in Mumbai to begin with and will have a diverse business model.
"Ours is a diverse business model. We will reach out wherever it is required," Seetharaman said.
He said the operations would primarily be in the wholesale, but the retail would also be part of integrated product." We will try to replicate our model in terms of e-banking," the bank CEO said when asked what would be the focus in the retail segment.
When asked whether the bank's decision to start operations next financial year is linked with coming general elections, he said political factors has nothing to do with the lender's move.
Where will the bank go after opening a branch in Mumbai?
To the query, he said,"It depends. The idea is to support the bilateral banking."
There is growing opportunities in gulf states, which are a $1.6 trillion bloc as good as India's GDP.
He said countries in Gulf Cooperation Council (GCC) has current account surplus, investible surplus.
"That is where Indian corporates can leverage, India's small and medium companies can leverage. That is precisely the opportunities for Indians," he added.
Doha Bank is the largest private commercial bank in the state of Qatar.
Besides Qatar, Doha Bank has operations in other parts of GCC like Dubai, Abu Dhabi, Kuwait.
The bank will leverage this fact, Seetharaman said, adding cost of funds would be cheaper for Doha Bank vis-a-vis Indian lenders.
Yesterday, Doha Bank chairman Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani had said in Mumbai that the lender has been granted license to commence banking operations in India.
Seetharaman said there is a large diaspora of Indian population in Qatar and that various Indian companies are active in infrastructure projects.
He said the license will pave the way for the bank to support all expatriates with the best in class solutions especially remittance solutions.
Indian diaspora is likely to remit around $10 million in 2013 using Doha Bank facilities , he said.
