(MENAFN - The Peninsula) Doha Bank is looking at acquisition of branches of foreign banks operating in India in order expand its presence in Asia's third largest economy.
The Ordinary General Assembly of the shareholders in its meeting held yesterday approved buying one or more branches of foreign banks operating in India and authorised the Board of Directors and those authorised by the board to negotiate the terms of the sale and purchase agreement
"The future plan of the bank includes implementation of an effective risk management strategy at both the local and international levels, recruiting Qatari nationals, enhancing the levels of staff performance by recruiting highly experienced and qualified human resources, improving banking services delivery channels, upgrading the level of corporate governance in the bank, diversifying its income sources and strengthening its financial position with a view to achieving the highest level of effective operational performance," said Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman, Doha Bank
The bank has already got licence to open branches inIndia and expects to start operation in current year. The bank has not identified the acquisition target yet. "We are still working on it (identifying the acquisition target)," said R Seetharaman, group chief executive officer, Doha Bank, talking to reporters on the sidelines of meeting. "We are looking at strategic locations (in India)," he said.
Sheikh Fahad bin Mohammad bin Jabor Al Thani said that Sheikh Abdullah Mohammed Jabr Al Thani, Sheikh Abdul Rahman bin Mohammed bin Jabr Al Thani, Sheikh Fahad bin Mohammed bin Jabr Al Thani, Ahmed Abdul Rahman Yousif Obaidan Jasim and Falah Trading & Contracting represented by Sheikh Falah bin Jasim bin Jabor Al Thani, Al Khaleej Takaful Group, represented by Khalid Abdulaziz Al Baker, Hamad Mohammed Hamad Abdullah Al Mana and Ahmed Abdulla Ahmed Al Khal were elected unopposed for the next three-year term on the board
In the meeting the assembly also approved the balance sheet and profit and loss account for the financial year ended on December 31, 2013 and board's recommendation to distribute cash dividends of QR4.5 per share to the shareholders