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The Hongkong and Shanghai Banking Corporation (HSBC) on Tuesday inaugurated its International Banking Unit (IBU) branch at Gujarat International Finance Tec-City (GIFT City).
“HSBC’s IBU branch at GIFT City will be operational for customer transactions with effect from January 27, 2021,” it said in a statement.
HSBC is one of the earliest global financial institutions to set up a GIFT City branch and is the first bank to get a license from the newly set up International Financial Services Centres Authority.
“Our IBU branch at GIFT IFSC complements our domestic business in India and flows with our global financial centres. This would help expand the options available to our customers to seamlessly conduct international business transactions, in particular financing, trade and global markets,” said Surendra Rosha, Group General Manager and CEO, HSBC India, adding that the move reiterates HSBC’s commitment to India as a core top five global contributors, and its second-largest employment base globally.
“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,” said Srinivas Injeti, Chairman IFSCA.
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