Mumbai: ICICI Bank has received a licence for setting up a branch in Qatar Financial Centre (QFC). The bank is the first Indian financial institution to receive a licence from Qatar Financial Centre Regulatory Authority.

The QFC, located in Doha, was set up in 2005 for providing world-class legal and business infrastructure for financial services.

ICICI Bank''s entry, QFC director-general and chief executive Stuart Pearce said, would spur participation by other Indian financial entities.

"It will undoubtedly be followed by other Indian financial institutions and firms that support the finance industry which have expressed a strong interest in what Qatar has to offer," Pearce said.

He invited more Indian financial institutions to ''''participate in Qatar''s rapidly-growing market for financial services.''''

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