Gandhinagar, July 17: DBS Bank Ltd., Singapore’s largest bank, is pleased to announce its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec-City (GIFT City), Gandhinagar. The IBU was inaugurated today by Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, in the presence of dignitaries from the International Financial Services Centres Authority (IFSCA), the Monetary Authority of Singapore (MAS) and GIFT City. GIFT City houses India’s first International Financial Services Centre (IFSC), offering a conducive regulatory environment, tax benefits, and other business enablers.
The DBS GIFT City IBU will initially focus on delivering corporate banking services, encompassing a range of foreign currency denominated loans, including external commercial borrowings (ECB) and trade finance products. DBS Bank expects to build a book exceeding US$ 1Bln in the first year of operations. DBS will also expand the suite of offerings from the financial hub including solutions for its private banking clients. The opening of the DBS IBU in the GIFT International Financial Services Centre is a significant enabler for the bank’s growth strategy for India.
DBS has been named ‘Safest Bank in Asia’ by Global Finance for 14 consecutive years. DBS Bank already has a significant presence in India through its wholly owned subsidiary DBS Bank India Limited. The Bank combines a strong global lineage with a deep understanding of the Indian market to offer a full range of institutional banking, SME and retail banking services. Coupled with a nationwide physical network of ~530 branches in 350+ locations across the country, DBS Bank India leverages its strong digital capabilities to reimagine banking for a more seamless, intelligent customer experience.