Approval to Open an Office in Doha
2008 Sumitomo Mitsui Banking Corporation (SMBC, President: Masayuki Oku) announces today that its application to open an office in the Qatar Financial Centre (QFC) in Doha, Qatar was approved by the QFC on 8 March, 2008. SMBC is the first Japanese bank that has been granted a license by the Qatar Financial Centre Regulatory Authority. SMBC will take the necessary steps to commence its activities in Qatar.
SMBC has been strengthening its position in the Middle East through energy-related project finance, shipping finance, and syndicated loan transactions for both corporate clients and financial institutions. It also opened a branch in Dubai in March 2007 to enhance its network in the Middle East, which already comprised three representative offices located in Bahrain, Tehran and Cairo.
The increase in LNG and crude oil production has lead, and will continue to lead, Qatar to make significant further developments to its industrial infrastructure, particularly so electricity, and in the education, and healthcare facility sectors. The opening of the Doha office will enable SMBC to further improve its capacity for gathering and providing information on the fast-growing Middle East region. This information will lead to the prompt provision of highly professional financial solutions, including project finance, to SMBC’s customers.
