ICICI Bank Qatar branch upgraded

MUMBAI: Private sector lender ICICI Bank today said the scope of activities it can carry out from its Qatar branch has expanded after the local regulator upgraded its licence.

Under the new norms, it can now accept deposits and provide credit to business customers as per the Qatar Financial Centre Regulatory Authority rules, ICICI said in a statement issued from Doha.

It can also undertake treasury and forex related activities under the upgraded license, the bank added.

"The Category 1 licence is another step towards our commitment to facilitate the growing trade between India and the GCC (Gulf Cooperation Council) countries, especially Qatar," its president Vijay Chandok said.

The bank has been operating a branch at the Qatar Financial Centre since March 2007 as a category IV entity wherein it arranges deals in investment for private banking clients, the statement said, adding that the bank is present in 18 countries.