Hongkong and Shanghai Banking Corporation (HSBC) has got in-principle approval from the GIFT SEZ Authority to set up an IFSC Banking Unit (IBU) at GIFT City, subject to other regulatory approvals.
As per the joint press release issued by the GIFT SEZ Authority and HSBC, the proposed commencement of the IBU marks a significant development in India’s IFSC business, and proves GIFT’s mettle as a globally competitive international financial centre that is at par with other well-established global financial centres across the world.
Surendra Rosha, group general manager and CEO, HSBC India, said: “Our proposed IBU at GIFT IFSC, subject to other regulatory approvals, will complement domestic business in India. This would help expand the options available to our customers to seamlessly conduct international business transactions, in particular financing, trade and global markets.”
Tapan Ray, MD & group CEO, GIFT City, said the government 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 the country.