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Doha Bank plans to commence FII operations in India

Doha Bank plans to commence FII operations in India
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First Published: Sat, May 12 2007. 04 40 PM IST
Updated: Sat, May 12 2007. 04 40 PM IST
By PTI
Kochi: Qatar’s largest private commercial lender, Doha Bank, has plans to commence foreign institutional investment operations in Indian Capital Markets, a top official of the bank has said.
Doha Bank had already approached SEBI for Foreign Institutional Investor’s license, Doha Bank’s deputy chief executive officer R Seetharaman said on 11 May.
Through mutual funds floated in the Middle-East, the bank is also planning to channelise investments in Indian equity markets, he said, adding “we have a very ambitious plan for investments in India. We are closely watching the regulatory changes taking place here.”
He said the bank is entering Indian Brokerage Industry by buying 49% equity stake in Select Securities Limited, the holding company for Kochi-based Select group of Companies, which owns the brokerage network under the brand name ‘Investnet´.
“This is our first investment in India. We see India as an emerging superpower in the making. We perceive financial services as the ‘hottest growth zone´. With a large clientele of NRI customers, Doha Bank already has strong links with India,” he said.
Select Group chairman and CEO Prince George said: “At this stage in the growth of financial services, we felt the need for a strong partner, who can commit resources and provide necessary management guidance.”
George said: “Doha bank with its expertise will be able to provide the necessary impetus to take investnet to the next orbit.”
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First Published: Sat, May 12 2007. 04 40 PM IST
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