Monday, February 18, 2008

Doha Bank opens office in Bucharest

Business Reporter
DOHA Bank has expanded its overseas presence by opening a representative office in Bucharest. Doha Bank is the first Qatari financial institution to open office in Romania.

The bank already has full fledged branch operations in New York and Dubai, in addition to representative offices in Singapore, Turkey, Tokyo and Shanghai.

With Bucharest office opening, the bank’s network spreads to eight countries.
The inaugural function was held at the bank representative office at Bucharest’s Marriott Grand Offices yesterday.

Qatar’s Ambassador to Romania, Salem Abdulla Sultan al-Jaber, was the chief guest on the occasion. The opening ceremony was also attended by ambassadors to Romania from Egypt, Jordan and Iraq besides senior Romanian officials and representatives of the Romanian Chamber of Commerce and Romanian-Turkish Chamber of Commerce officials. Top Bucharest based bankers were also present.

Speaking on the occasion, Doha Bank Group CEO R Seetharaman said, “Romania is an important economy located in Eastern Europe and hence acts as the gateway to European markets. Europe is one of the largest trade blocs for the Middle East region. Doha Bank’s Romania representative office will therefore be a strategic initiative to facilitate the bilateral trade between the Middle East and Europe.”

He said Romania’s economy had done remarkably well with more than 5% GDP growth consistently since 2000. The Romanian government’s strong commitment to reform process, macro-economic stabilisation and strong export growth are the key reasons for the country’s economic boom.

Seetharaman highlighted Doha Bank’s performance and said its global presence will provide value-added services to the Romanian corporate sector and increase the trade among Qatar, the UAE (through bank’s Dubai branch), GCC including other Middle East markets and European markets.

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