DOHA: After the successful launch of the ‘Bullion Initiative’ by Doha Bank earlier this year, the bank has taken the next step forward to establish a strategic alliance with PAMP, the world’s leading bullion brand.
Doha Bank and PAMP signed a Memorandum of Understanding yesterday at the Doha Bank tower, West Bay, according to a posting on Qatar Exchange.
Doha Bank recently has been very innovative with different variants of gold products. To start with, Doha Bank introduced “Gold Investment Loan” followed by “Go to Gold” selling physical gold bars in sizes from five grams to ten tola bars over the counter and finally “Loan against Gold”. Realising Dubai as the hub for of gold supplies in the region Doha Bank has planned to set up a bullion desk in their Dubai office to cater to the local wholesalers/jewellers based in Dubai and eventually to become a bullion financer for the local market in Dubai.
PAMP is the world’s leading bullion brand, with dominant position in kilo bars, TT bars and investment bars. Established in 1977 and the refinery is located in Ticino, Switzerland, PAMP operates a state-of-the-art precious metals refinery. PAMP has led the industry forward by introducing many breakthrough products and services, which have become market practices. PAMP enjoys a dominant 75 percent market share across the globe in the investment bar category with a wide product range from one gram to 100 gram. PAMP is an integral part of the Geneva based MKS group, a leading global precious metals refining and trading group with offices in 12 countries across four continents.
Doha Bank Group CEO Dr R Seetharaman said, “Doha Bank has always realized the importance of the changing market dynamics and has led with innovation to serve a broader base of customers. The strategic alliance with PAMP is a step forward to lead from the front and become a one stop bullion solution provider not only in Qatar but in the region”.
The Peninsula
