QNB becomes first bank in region to open branch in India's GIFT City
DOHA: QNB Group (QSC) has announced that it has become the first bank from the MEA region to open a branch in GIFT City in Gujarat, India's first international financial center and special economic zone.
Commenting on the launch of the new branch, CEO of QNB Group, Abdullah Mubarak Al Khalifa said, "India's banking sector is poised for rapid growth on the strength of robust economic growth prospects, and banks have demonstrated strong operational performance along with improving asset quality. With the opening of the GIFT City branch, QNB is expanding its footprint at an opportune time when Indian corporates are seeking strong banking partners for supporting their growth plans. Combined with QNB's global outreach and expertise, as well as its pioneering role in shaping the international financial landscape, India presents long term growth opportunities for wholesale banking."
Senior Executive Vice President of International Business at QNB Group, Ali Darwish, said, "India is one of the world's fastest growing large economies and on track to become a major global supply chain and manufacturing hub. India's foreign exchange reserves exceed $650 billion, ranking amongst the world's largest. With the new branch in GIFT, QNB has enhanced its product suite with a multi-currency proposition."
"The GIFT branch will strengthen QNB's extensive regional and international network in 28 markets across three continents," he added.
CEO of Qatar National Bank in India, Gaurav Gupta said, "QNB is expanding its presence in India and the new branch in GIFT offers a wide range of liability as well as credit focused products. The branch will support customers located onshore in India as well as offshore with their funding requirements in foreign currency."
QNB established its first bank branch in India in 2017, which has grown rapidly to support international banking requirements of Indian corporate and institutional clients.
QNB India is a Scheduled Commercial Bank providing full-fledged banking services across the country. QNB India focuses on credit solutions for structured trade and working capital financing as well as long-tenor loans for bespoke end uses.
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