Dubai, June 8: The Union Bank of India (UBI), India's fifth largest public sector bank, is likely to tie up with a local bank in Qatar to start retail operations in that country.

UBI is awaiting approval from the Qatar Central Bank (QCB) to open a branch in Doha, to cater mainly to corporate clients.

According to a report in the Gulf Times newspaper, UBI, which has arrangements for rupee drawing with Habib Exchange and Gulf Exchange in Qatar, is planning to strengthen its internal IT systems to upgrade its branches for easy and seamless flow of remittances.

"The (Qatar) market is attractive and we will be focusing more in this part as we wish to partake in the success story," the report quoted UBI chairman M.V. Nair as saying after he had a meeting with QCB governor Abdulla bin Saud al-Thani.

The opening of a UBI branch in Doha will facilitate Indians who are seeking to do business in Qatar but have been unable to get financing from Qatari banks. At the same time, Qatari companies wishing to do business with India will also be benefited by the UBI foray.

"Qatar economy is flourishing and we expect the Indian companies to come (into Qatar) in a big way and there is a need to support them," the report quoted Nair as saying.

Qatar plans to invest $130 billion in infrastructure development in India.