The Hongkong and Shanghai Banking Corporation Ltd (HSBC) has got in-principle approval from the GIFT SEZ Authority to set up an IFSC Banking Unit (IBU) at GIFT City, HSBC & GIFT City said in a joint statement.

Surendra Rosha, CEO, HSBC India, said, “Our proposed IBU at GIFT IFSC will complement our domestic business in India and flows with our global financial centres.

“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 five global contributor, and our second largest employment base globally,” he said in a statement.

“Government of India 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 India,” said Tapan Ray, MD & Group CEO, GIFT City.

So far, 13 banks have set up their IBUs in GIFT IFSC. The cumulative business in banking vertical have crossed $28 billion.

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