Doha Bank has inaugurated a representative office in Johannesburg, South Africa.

Speaking at an inauguration function, R Seetharaman, the bank’s CEO, said that the bank hopes to attract the support of key South African banks to initially establish Nostro account relationships in Gulf Co-operation Council (GCC) currencies and Indian rupees, as well as affording them trade finance support, risk sharing and syndication loans.

He added: “South Africa aims to attract foreign direct investment. Infrastructure development is happening in the GCC and the SME sector between both blocs can exchange ideas. The food supply requirements of the GCC can also be enhanced from South Africa.

“Tourism is also an area where both regions can build relationships, and South Africa can participate in FIFA World Cup-related projects. Doha Bank will look forward to opportunities coming from these developments.”