HSBC opens international banking unit at GIFT city

Yesterday, HSBC 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).

HSBC's IBU branch at Gujarat International Finance Tec City (GIFT City) will be operational for customer transactions with effect from today.

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 the bank'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 eco-system of India.

HSBC has been present in the country for more than 160 years, Injeti said.

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.