NE BUSINESS BUREAU
GANDHINAGAR, JAN 26
Global financial services major the Hongkong and Shanghai Banking Corporation Limited (HSBC) on Tuesday 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), said a release by the company. HSBC’s IBU branch at Gujarat 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, 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 HSBC’s commitment to India as a core top 5 global contributor, and the second largest employment base globally, he added.
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.
Congratulating HSBC on the occasion, Alan Gemmell, Trade Commissioner for South Asia and British Deputy High Commissioner – Western India,said, “I am delighted that HSBC is opening a branch in GIFT City today, deepening links between the U.K. and India’s rapidly growing financial centre. The U.K. is already one of India’s closest economic and trade partners and I am confident that today’s announcement will pave the way for even stronger trade and capital flows between the U.K. and 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.
