Doha-Mubasher: Doha Bank opened a representative office in South Africa on 25 June 2015, according to a filing to Qatar Stock Exchange (QSE).

Doha Bank CEO R. Seetharaman said that South Africa is expected to grow at 2% in 2015.

Seetharaman added that “there are 40 foreign banks with approved local representative offices in South Africa. Banks remained sound and profitable during the crisis with the return on equity staying close to 20%.”

Doha Bank hopes to attract key South African banks to initially establish Nostro account relationships in Gulf Cooperation Council currencies and Indian rupees, as well as affording them trade finance support, risk sharing and syndication loans.