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IndusInd Bank to set up IFSC at GIFT

IndusInd Bank will set up an International Financial Services Centre in Gujarat International Finance Tec-City (GIFT City) at Gandhingar. The bank said in a press release that its international banking unit will provide the bank access to international financial markets and will allow it 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, the release added. The bank will also be able to meet the funding requirements of overseas entities, which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers. Suhail Chander, head, Corporate & Commercial Banking of the bank, said the opening of IBU in GIFT city will be yet another milestone in the growth trajectory of the bank and this will benefit the bank in servicing foreign currency funding requirements which would help us in meeting our objective of being a complete banking partner to our customers with global aspirations.

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