Doha Bank opens office in HK

Doha Bank inaugurated its representative office in Hong Kong Thursday, exploring Renminbi (RMB) trade settlement with China counterparts and other opportunities in the region.

Speaking on the occasion, Group CEO of Doha Bank R Seetharaman provided insights of economic relations between China and the region of Gulf Cooperation Council (GCC).

"China is one of the major trade partners of the GCC and GCC- China trade reached 155 billion U.S. dollars in 2012," he said, adding that the trade flows in and out of China are routed through Hong Kong from the branches of Chinese companies in the mainland. "Hong Kong is also the gateway to China for the GCC," he said.

In order to explore business opportunities, Seetharaman said at the press conference that the primary role of the Doha Bank Hong Kong office is to build relationships with Chinese banks and companies to promote RMB trade settlement in Gulf.

"We are looking for partners and we have been talking to ten Chinese banks including ICBC and CCB," he said. Other than the traditional business area of energy, Seetharaman said the bank is also seeking new opportunities in the areas of health care, education, telecommunication with Asian partners.

Besides, there are possibilities to set up commercial bank branches of the Doha Bank in Hong Kong in the future "when the time is right," he noted.