Doha Bank is setting up a finance company in India by acquiring a 49 per cent stake in an unnamed brokerage for an undisclosed amount. However, the bank did indicate in a previous statement in May 2007 that it was planning to buy into a brokerage company called Investnet, which is owned by Select Securities. The company has since been renamed as Doha Brokerage & Financial Services Limited (DBFS)
Doha Bank said DBFS has a national level presence with over 120 branches spread in major cities across India and said it will trigger an aggressive expansion, in terms of presence and product offerings.
Doha Bank said in November that the funds managed by DBFS had generated approximately 62 per cent in annualised returns during the seven months ended October 2007 and added that the portfolio products were designed to suit the requirements of non-resident-Indians (NRIs) who otherwise do not have the time to track their investments in the vibrant markets existing now in India. Select Commodities DMCC, a wholly owned subsidiary of the group, is a member in the Dubai Gold and Commodity Exchange (DGCX).
This follows on from deals Doha Bank has made with Axis Bank and IndusInd Bank to cater to NRIs.
Doha Bank recently signed an agreement with Tata Asset Management, one of the biggest mutual funds in India for the distribution of Tata’s mutual funds products in Qatar.
Tags: aggressive expansion, asset management, Bank, brokerage company, commodities, doha bank, dubai gold and commodity exchange, mutual funds, nris, portfolio products, product offerings, proxi, stake, subsidiary, tata, ubs, vibrant markets