SBI opens branch in Qatar

State Bank of India, the country's largest lender, today announced the opening of its branch in Doha Financial Centre in Qatar. Minister of state for external affairs E Ahamed inaugurated the branch.

The branch will cater to corporate clients and offer products such as project finance, syndication and trade finance, SBI said in a press release.

"The branch will cater to business customers like corporate clients and aim at contributing to the growth of trade between the two nations in addition to extending a bouquet of services like project finance, syndication, trade finance among other products to Qatari corporates," Hemant Contractor, managing director and group executive (international banking), SBI, said.

''The branch will deal in local as well as foreign currencies and will offer services to business customers, including individuals with very high networth,'' A Krishna Kumar, MD and group executive (national banking), SBI said.

SBI has over 13,700 branches in India and 170 overseas offices in 34 countries, said the press release.

Qatar Financial Centre (QFC) is a business and financial centre located in Doha, providing legal and business infrastructure for financial services.