Bank Muscat is contemplating to set up a joint venture bank in India in association with “a new generation bank,” to have a strong footing in the Indian market, Oman Observer reported Sunday.
Bank Muscat’s chief executive officer Abdulrazak Ali Issa was quoted by the daily as saying that “we are planning to have a strong footing in the Indian market and are conducting a study to explore the potential there. We are looking at different new generation banks for the venture and a decision will be taken soon.”
Referring to the major reasons for selecting India for expansion, Issa said that both countries have a lot of bilateral trade and Indians constitute the largest expatriate community in the Sultanate, the daily added.
Echoing a similar view, Sunder George, Deputy CEO of the bank, said that since India is a large country with a sizeable population, it is not very easy to expand by opening a few more branches.
"Our plan is to become a major regional player.
It is a good idea to have a better presence in the Indian market when we become a regional player in the Gulf,” George noted – Albawaba.com
