HSBC inaugurates IBU branch at GIFT City

HSBC inaugurates IBU branch at GIFT City

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.

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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.

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

is one of the earliest global financial institutions setting up a branch at India’s 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 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, India, said, “We have been closely partnering the development of 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,

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.

Source :
https://www.business-standard.com/article/companies/hsbc-inaugurates-international-banking-unit-at-gift-city-in-gujarat-121012601041_1.html