Doha Bank, Qatar’s fifth largest lender by assets, has completed the amalgamation of the Indian operations of the HSBC Bank Oman. Doha Bank has “taken over the operations of HSBC Bank Oman’s two branches at Raheja Centre in Mumbai, Maharashtra; and in Kochi, Kerala, in India as a going concern basis,” its chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani yesterday informed the Qatar Stock Exchange. He said the scheme of amalgamation was in line with the approval accorded by the regulatory authorities as Qatar Central Bank, Central Bank of Oman and Reserve Bank of India respectively. Doha Bank, which is aiming 30% of its net earnings from overseas operations, has chosen to acquire the tailor-made portfolio, in view of the time taken to achieve organic growth in the estimated Rs80tn Indian banking industry. “India is a destination and it represents business opportunities,” Doha Bank Group CEO R Seetharaman had said last year. As per the terms, Doha Bank made a single lump sum Rs1.28bn (QR75mn) to HSBC Bank Oman, whose Indian branches – Mumbai and Kochi – together has assets to the tune of Rs3.4bn (QR200mn) and deposits of Rs1.17bn (QR70mn). (The exchange rate has been assumed at Rs17 to one riyal.)
