BILKULONLINE
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.