GIFT City is a business and IT hub in Ahmedabad, Gujarat. Credits: Mike Kemp/Getty Images

UK-based HSBC, one of the country’s top banks, has opened a new 1166sqm office at Gujarat International Finance Tec-City (GIFT City), India. Its new office will provide enhanced wealth management services. Their services will be targeted to clients interested in investing in global markets, as well as non-resident Indians looking for investment prospects within India. Offerings include foreign currency banking accounts, fixed deposits in US dollars, and innovative products denominated in dollars.

HSBC also offers comprehensive wholesale banking services for businesses and corporates to access international financial services, trade finance, payment solutions, and more, in addition to providing a range of financial instruments to support clients in managing foreign exchange, risk and liquidity.

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According to Hitendra Dave, CEO, of HSBC India, “GIFT City is shaping into a key global financial hub, and HSBC is proud to be a part of this journey and be among the top three banks now in the hub within the first four years of our operations […] The expansion of our proposition reflects our commitment to scale our franchise at GIFT City.”

Dr Dipesh Shah, executive director of the International Financial Services Centre Authority (IFSCA) highlighted how the new office “underscores the growing appeal of India’s IFSC as a global financial hub.”

“The presence of leading global institutions and their expansion is testimony to GIFT IFSC gaining traction,” he added.

According to Tapan Ray, MD and group CEO, of GIFT City, noted that “the growing presence of leading banks and financial institutions will enhance the ecosystem and further strengthen India’s position in the global financial market.”

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HSBC commenced its operations in GIFT City in January 2021 and was the first international bank to obtain investment banking permission and a foreign portfolio license. Over the last four years, HSBC has secured a 6.125% equity interest in CCIL IFSC Limited (CCIL IFSC). Furthermore, HSBC has also led in the provision of digital banking services.