IndusInd Bank opens international banking unit at GIFT City

Bank will be able to actively offer products such as ECBs to customers in an area where it had limited capabilities so far

IndusInd Bank has opened international banking unit (IBU) at the International Financial Services Centre (IFSC) in the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from India. The IBU will provide the bank access to international financial markets and will allow IndusInd Bank to deliver a complete range of products to its clients with foreign currency funding requirements.

"This development will enable us to complete our off shore product offering to corporate clients This would be a step closer to cater to our customers overseas and will also address the growing demands of such services for Indian corporate in international markets," said Suhail Chander, head- corporate and commercial banking at IndusInd Bank.

The bank will be able to actively offer products such as external commercial borrowings to its customers an area where it had limited capabilities hitherto. The bank also has representative offices in London, Dubai and Abu Dhabi.

Ajay Pandey, managing director and group chief executive officer (CEO) of Gift City said that with IndusInd Bank opening an IBU, GIFT City saw another leading private sector bank setting up base at the first IFSC.

GIFT City has seen a significant jump in business, with total business transactions crossing the $475 million mark, generated by five operational IBUs of YES Bank, Federal Bank, IDBI Bank, Kotak Mahindra Bank and ICICI Bank. Few more banks as well as insurance and other financial services companies too are expected to begin operations at GIFT IFSC in coming months.