HSBC inaugurates international banking unit at GIFT City in Gujarat

Global financial services major HSBC on Tuesday inaugurated its International Banking Unit (IBU) branch at GIFT City near Gandhinagar city in Gujarat.

HSBC is one of the earliest global financial institutions setting up a branch at India’s GIFT City and was the first bank to get a licence from the newly set up International Financial Services Centres Authority (IFSCA), said a release by the company.

HSBC’s IBU branch at Gujarat International Finance Tec City (GIFT City) will be operational for customer transactions with effect from January 27, the release said.

Surendra Rosha, Group General Manager and CEO, HSBC India, said, “We have been closely partnering the development of GIFT City and are pleased with the rapid progress it has made, offering a great value proposition to global financial institutions.”

“This would help expand the options available to our customers to seamlessly conduct international business transactions, in particular financing, trade and global markets.

This reiterates HSBC’s commitment to India as a core top 5 global contributor, and the second largest employment base globally,

he added.

Welcoming HSBC at GIFT IFSC, Srinivas Injeti, Chairman IFSCA, said that the Government of India has envisaged the IFSC as a hub to bring offshore financial transactions onshore and the presence of HSBC has further strengthened the IFSC ecosystem of India.

HSBC has been present in the country for more than 160 years and its fourth branch globally was opened in India.

HSBC operates in all of the leading international financial service hubs in the world, and looks forward to the development of GIFT City as a globally competitive international financial centre, said the release.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor