Hemant Contractor cuts the ribbon to open the new branch yesterday as Malhotra, Thomas, Lal and others look on. Picture: Shaji Kayamkulam
Trust Exchange Company, managed by India’s largest bank State Bank of India (SBI), launched its seventh branch in Qatar yesterday at Barwa Village, Wakra Road.
SBI managing director and group executive (international banking) Hemant G Contractor inaugurated the branch.
SBI deputy general manager (overseas expansion) Naresh Kumar Malhotra, Trust Exchange general manager Sanjay B Lal, Intertec Group general manager George Thomas and other dignitaries were present.
Trust Exchange has opened branches at Al Khor, Al Rayyan, Dukhan, Industrial Area, and Grand Hamad Street over the past three years, apart from shifting the main office to the Souq area from Musheireb.
“The Barwa Village branch will cater to the needs of residents and workers based in Wakra, Mesaieed and areas adjoining the New Doha International Airport,” Lal said.
Trust Exchange, a leading exchange company in Qatar, caters to expatriates from countries including India, Philippines, Nepal, Bangladesh and the Middle East for their remittance and foreign currencies sale/purchase requirements.
The SBI managing director is  on a visit to Qatar following approval by Qatar Financial Centre Regulatory Authority to SBI to open a category one bank branch at the Qatar Financial Centre.
SBI, which has over 17,000 branches spread all over India, has a network of 150 foreign offices including 42 branches, 90 subsidiary offices, two joint ventures, eight representative offices and two managed exchange companies across 32 countries, until 2010.