QNB Becomes the First MEA Bank to Establish a Branch in GIFT City, India

QNB Establishes Milestone Branch in India's GIFT City

In a historic move, QNB, recognized as the largest financial institution in the Middle East and Africa (MEA), has officially opened its first branch in GIFT City, India's premier international financial center and special economic zone. This landmark initiative signifies QNB's commitment to expanding its global footprint while tapping into the burgeoning Indian banking market.

M. Abdullah Mubarak Al Khalifa, the Chief Executive Officer of QNB Group, expressed optimism about the Indian banking sector’s growth potential, which is poised for rapid expansion driven by robust economic prospects. He noted that Indian banks have demonstrated solid operational performance alongside improved asset quality. The new branch in GIFT City positions QNB strategically to cater to Indian businesses seeking reliable banking partners to foster their growth ambitions.

At the launch, Al Khalifa stated, "The opening of the GIFT City branch aligns perfectly with the timing when Indian enterprises are actively searching for robust banking partnerships. QNB's global reach, coupled with our expertise in international finance, offers unique opportunities for long-term growth in wholesale banking within the region."

Ali Darwish, Executive Vice President for International Business at QNB Group, echoed these sentiments, highlighting India as one of the fastest-growing major economies worldwide. He elaborated, "India is on its way to becoming a key global hub for supply chains and manufacturing, boasting foreign exchange reserves exceeding $650 billion, among the highest globally. Our GIFT City branch strengthens our multilevel product offerings, including multi-currency propositions for our clients."

The GIFT City branch will enhance QNB's extensive domestic and international network across 28 markets spanning three continents. Gaurav Gupta, General Manager of QNB in India, stated, "By establishing our presence in GIFT City, we are poised to offer a comprehensive range of debt and credit-focused products. This branch will be well-equipped to address the currency financing needs of clients both domestically and internationally."

QNB first ventured into India in 2017 with its initial banking branch, which has since expanded rapidly to meet the international banking demands of Indian corporate clients and institutional customers. Today, QNB India functions as a Scheduled Commercial Bank, providing a full suite of banking services nationwide, with a focus on structured trade finance solutions and long-term customizable loans.

This significant move not only highlights QNB's ambition to break new ground in international finance but also demonstrates the growing economic ties between the Middle East and Asia, creating promising avenues for collaboration and growth between these regions. With its strategic location and innovative financial environment, GIFT City is becoming increasingly attractive to not just QNB, but to other global financial institutions looking to expand their operations in India.

Overall, the establishment of QNB's branch in GIFT City is seen as a momentous step towards strengthening the bank's global operations and enhancing its ability to serve clients in a rapidly evolving marketplace. This initiative is poised to address the growing demand for sophisticated financial solutions in one of the world's largest economies, providing new opportunities for mutual growth and investment in the years to come.