- Offers widest product suite among foreign banks at GIFT City, backed by the largest on-ground team, driving innovation and market expansion
- In line with the Government’s vision of Viksit Bharat, GIFT City is rapidly emerging as a critical gateway for international investors and institutions, looking to be a part of India’s economic growth story: P D Singh, CEO, Standard Chartered Bank, India & South Asia
- GIFT City represents a transformative milestone for India’s global financial ambitions: Sachin Shah, Managing Director and Head, Strategy, Process, Governance & Subsidiaries, Standard Chartered Bank, India
NE BUSINESS BUREAU
GANDHINAGAR, APR 3
Standard Chartered Bank on Thursday announced that it has shifted to larger office premises at Gujarat International Finance Tec-City (GIFT) City, reinforcing its long-term commitment to India’s premier international financial services hub. The new premises reflects the deepening of Bank’s presence in GIFT City, that’s enabling India to become a global financial powerhouse.
Over the last couple of years, Standard Chartered Bank has invested significantly in capability building, involving product suite, talent and technology, across its Corporate & Institutional Banking business. The Bank has one of the largest on-ground team among foreign banks’ International Banking Units (IBUs) at GIFT City, focussing on innovation and market development.
The new premises was inaugurated by P D Singh, CEO, Standard Chartered Bank, India & South Asia, in the presence of Saiju Gandhi, Head of GIFT City, alongside senior leadership from the Bank. The event was also graced by senior officials from IFSCA, GIFT House and British High Commission’s Office.
Standard Chartered Bank is the first foreign bank to commence operations at GIFT IFSC and has played a pivotal role in its development. It currently offers the widest product bouquet to corporate and institutional clients across Lending, Trade Finance, Cash Management and Financial Markets. Standard Chartered Bank was also the first Bank to launch foreign portfolio investor offering at GIFT City and has pioneered many industry-firsts offerings such as launch of structured rate loan, launch of offshore derivative instrument, launch of gold hedging product etc.
Over last two years, the funded assets at the Bank’s GIFT City have grown by over 150% while attaining market leadership in the derivative business. A full suite product bouquet has helped Standard Chartered Bank in bringing many multinational clients to GIFT City by offering them seamless connectivity with Indian market.
Speaking on the expansion, P D Singh, CEO, Standard Chartered Bank, India & South Asia, said, “In line with the Government’s vision of Viksit Bharat, GIFT City is rapidly emerging as a critical gateway for international investors and institutions, looking to be a part of India’s economic growth story. I would like to compliment the Government and IFSCA for the vision and the endeavour to create an enabling environment and infrastructure in GIFT City that’s on par with global markets. Our expansion in GIFT City is a reiteration of Standard Chartered’s long standing commitment towards India.”
Sachin Shah, Managing Director and Head, Strategy, Process, Governance & Subsidiaries, Standard Chartered Bank, India, said, “GIFT City represents a transformative milestone for India’s global financial ambitions. We will continue to strengthen our capabilities, invest in talent, technology and infrastructure, to deliver best-in-class financial solutions to our clients. We are poised to scale our capabilities further, to unlock new opportunities for our clients and support the next phase of growth in offshore banking.”
