Qatar’s Doha Bank to bid India ‘goodbye’

Qatar‘s Doha Bank is closing its two branches in India after operating in the country for over a decade. Earlier this week, the bank announced that it will keep only a representative office in the country as part of a strategic shift.

The decision was taken at the bank’s board meeting at its Doha headquarters and announced on the local stock exchange.

“The board of directors approved to shift the bank’s business strategy in India from branches to a representative office, and to proceed with the gradual exit of the operations of the bank’s branches in India, subject to obtaining the necessary approvals from the relevant regulatory authorities,” the bank said in a statement.

A spokesperson for Doha Bank did not respond to an email request for comment. The bank had launched its India operations in June 2014 with its first branch in Mumbai, followed by a branch in Kochi.

ET had reported in 2016 that the bank had plans of applying for permission to have a subsidiary in India to take advantage of the growing economy and tap the potential for remittances between the Gulf state and India.