State Bank of India to open branch in Qatar

The State Bank of India (SBI), one of the leading banks in India, is to open its branch in Doha in the first quarter of 2011, Qatar's official news agency reported.

The new branch will become operational by March 2011, said Satyajit Pratap, chief executive officer-designate for the SBI branch, adding that opening a business office in Doha was an important step to expand its service in the emerging markets.

"Given the growing opportunities in Qatar and the region, the SBI was planning to enhance its presence and business profile in the country," he said.

The SBI, the largest bank in India and ranked the 8th biggest in Asia, had sought the authorization from the Qatar Financial Center Regulatory Authority (QFCRA) to open a branch in Qatar in May 2010.

With a population of just 1.7 million, Qatar is a wealthy country that witnesses massive transformations internally and externally.