(MENAFN- The Peninsula) Qatar First Bank is looking forward to make big investments in India, especially in the country's promising healthcare sector, said the chairman of the bank yesterday.
"We saw that during the recently concluded visit of the Emir H H Sheikh Tamim bin Hamad Al Thani, there were talks about the opening of the market for investors. If the market opens and regulations related to partnership are reformed in India, we would like to invest hundreds of millions of dollars," said Abdulla bin Fahad bin Ghorab Al Marri.
Talking to The Peninsula on the sidelines of the bank's Annual General Meeting, Al Marri added: "India is a very interesting market, but at the same time it is a bit difficult to penetrate, especially for the mid-sized companies like ours."
"I do not say that I understand the Indian market thoroughly, but the reports we receive suggest that it is not an easy market."
On the bank's expansion plans in the domestic market he said that QFB is set to open a new merchant bank dedicated to high networth individuals (HNI). It will be serving its customers from the same building that houses its headquarters near the Hamad Medical City along theC-Ring Road.
"We are opening our first private merchant bank within next two months, which will make QFB a full-fledged bank," he added.
"We are very excited about it. Our equity business is growing, and we are expanding fast. Last year we closed three deals, and looking forward to ink more partnership deals this year."
QFB, Qatar's first independent Shariah compliant bank, regulated by the QFC Regulatory Authority, is all set to go for listing on the Qatari bourse, but has been waiting for regulatory nod for long from the Qatar Financial Markets Authority (QFMA).
Asked about the latest development on it, Al Marri, who looked visibly upset, said: "Unfortunately we don't have the answer. Our file is complete. QFB has fulfilled all the mandatory rules required by the QFMA. Our shareholders are pressing, and we think Qatar Exchange would like companies like ours to join the bourse, but for some reason there is a delay."
He further said: "Unfortunately it is not in our hands. We ask the regulator, if there are any other points to be stated we will adhere to that also."
Meanwhile, the AGM approved the dividend distribution of eight percent of the paid up share capital to QFB shareholders for the year ended December 31, 2014.
The bank reported strong financial results and continued growth in 2014, as net income rose by 13 percent from QR140.5m ($38.6m) in 2013 to QR158.3m ($43.5m) in 2014.
QFB, in its sixth full year of operation, invested a total of QR473m ($130m) in 2014.
Presenting an overview of QFB's activities and financial statements for 2014, Al Marri, said: "2014 has been another successful year for QFB"we are pleased with the outcome, we look to the future with a great optimism and we believe QFB is well placed to take advantage of the growth opportunities in the region, and in Qatar itself."
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