Qatar's Doha Bank is shutting down its two branches in India after more than ten years of operation, retaining only a representative office in the country as part of a strategic realignment.
The move was decided at the bank's board meeting in Doha and announced on the local stock exchange.
In a statement, the bank said, "The board of directors has approved shifting the bank's business strategy in India from branches to a representative office and will gradually exit branch operations in India, subject to regulatory approvals."
A Doha Bank spokesperson did not respond to requests for comment. The bank first entered India in June 2014, opening a branch in Mumbai, followed by one in Kochi.
Earlier reports indicated that the bank had considered establishing a subsidiary in India to leverage the country's growing economy and the remittance flows between India and the Gulf region.