IndusInd Bank announces the opening of IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from India.
IndusInd Bank’s International Banking Unit (IBU) will provide the bank access to International financial markets and will allow IndusInd Bank to deliver a complete range of products to its clients with foreign currency funding requirements. The Bank will now be able to actively offer products such as External Commercial Borrowings to its customers an area where it had limited capabilities hitherto.
Suhail Chander, Head, Corporate & Commercial Banking, IndusInd Bank said, “This is a significant development in the overall growth of IndusInd Bank and it helps us complete our off shore product offerings to corporate clients. This would be a step closer to cater to our customers overseas and will also address the growing demands of such services for Indian corporate in international markets."
Welcoming the opening of IndusInd Bank’s IBU at GIFT IFSC, Ajay Pandey, MD & Group CEO of GIFT City said, “The entry of IndusInd Bank at GIFT IFSC is another feather in the hat of this unique and first of its kind project in India. It is an important development for us to have one of India’s leading private sector bank set up base at India’s first IFSC.
GIFT IFSC has seen a significant jump in business, with total business transactions crossing the US$ 475 million mark, generated by 5 operational IBUs of YES Bank, Federal Bank, IDBI Bank, Kotak Mahindra Bank and ICICI Bank. Few more banks as well as insurance and other financial services companies too are expected to begin operations at GIFT IFSC in coming months.
