Dubai: Private sector ICICI Bank has received a licence for setting up a branch in Qatar Financial Centre.
The bank has become the first Indian financial institution to receive a licence from Qatar Financial Centre Regulatory Authority.
The QFC is a business and financial centre located in Doha, providing world-class legal and business infrastructure for financial services. The Centre was set up in 2005.
Welcoming ICICI Bank’s entry, QFC Authority Chief Executive Officer and Director General Stuart Pearce said, “It will undoubtedly be followed by other Indian financial institutions and firms that support the finance industry which have expressed a strong interest in what Qatar has to offer.”
He invited more Indian financial institutions to “participate in Qatar’s rapidly-growing market for financial services.”
ICICI Bank Limited Senior General Manager Nimesh Shah said, “With the pace of economic growth and development in Qatar, ICICI Bank sees a significant opportunity to participate in the growth of the country.”