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Global banking major Hongkong and Shanghai Banking Corporation Limited (HSBC) has received an in-principle approval from the GIFT SEZ Authority to set up an IFSC Banking Unit (IBU) at GIFT- International Financial Services Centre (IFSC).
The approval is subject to other regulatory approvals, informed the banking major.
Commenting on the bank’s proposed operations at GIFT IFSC, 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. Our proposed IBU at GIFT IFSC, subject to other regulatory approvals, will complement our domestic business in India and flows with our global financial centres.
“This will 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 our second largest employment base globally.”
So far, 13 banks have set up their IBUs in GIFT IFSC. The cumulative business in banking vertical have crossed $28 billion.
The proposed commencement of the IBU by HSBC marks a landmark for India’s IFSC business and establishes GIFT City as a globally competitive international financial centre.
A milestone for HSBC
This also marks a major milestone for HSBC in India, which has been present in the country for more than 160 years, and its fourth branch globally was in India, an official statement said.
Tapan Ray, MD and Group CEO, GIFT City, said: “It is a momentous occasion for us to host HSBC at GIFT IFSC. The Government of India has envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore, and the presence of HSBC Bank has further strengthened the IFSC ecosystem of India.”
The banking business at GIFT IFSC has seen a quantum jump in last few years.
GIFT IFSC Banking Units have played a pivotal role in the development of IFSC in India by providing dollar financing to Indian corporates.
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