Doha Bank announced its tie up with Anil Ambani-led Reliance Group on Monday to generate business opportunities in the Gulf Cooperation Council nations and India.
Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman are part of the Gulf Cooperation Council (GCC). "Doha Bank and Reliance ADA Group have entered into an alliance to create new opportunities for cooperation and innovation in terms of business development across the GCC and India," Doha Bank said in a release.
It said the MoU is envisaged to provide tangible business opportunities and further prospects for expansion for Doha Bank and Reliance Group. It will also provide synergy in product development and congruence in mutual infrastructure support, it said.
Doha Bank has a robust presence in financial services, telecom, infrastructure, entertainment, power, health care, and defence industries. "The relationship-based model has been designed with a revolutionary approach between Doha Bank and Reliance Group, which has been engaged in pivotal roles in the ongoing economic transformation of India," said the release.
"This agreement will open new horizons for business reciprocity in financial services." The agreement has been signed by Anil Ambani Chairman Reliance Group and Doha Bank Group CEO R Seetharaman in the presence of Sanjiv Arora, Ambassador of India to Qatar.
"We are glad to enter into this partnership which will further reinforce the economic interaction between GCC and India. Reliance Capital will look forward to offering customised solutions and investment products to Doha Bank customers," Ambani said in the statement.
Doha Bank Group CEO Seetharaman said: "The arrangement will include financial services initiatives with Reliance Capital in the areas such as asset management, life and general insurance and distribution of financial services."
The scope of the partnership will strengthen Doha Bank's presence in India and the bank's strategic role in trade finance, banking and financial services across the region and in creating business opportunities between GCC and India, it added.