Kotak Mahindra Bank has opened its banking unit at International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) City. Bank’s banking unit in IFSC will cater to this growing demand. It will offer ECBs, buyers’ credit for imports, and factoring of export receivables for Indian corporates in international markets, said KMB corporate, institutional and investment banking president KVS Manian. He said Indian corporates have expanded business operations across geographies, which in turn has led to increased requirement for financial products and services in overseas markets. From the IFSC banking unit, the bank expects a balance sheet of $1 billion in the next three years.
