Bank of America opens Global Business Services Center at GIFT-IFSC

The new centre will allow BoA to raise debt in international currency, even as the foreign bank launched two Indian bond auctions at its platform in GIFT-IFSC

In a development that makes it the first foreign bank to start operations within the International Financial Services Centre (IFSC), Bank of America Corp (BoA) on Friday inaugurated its Global Business Services Center at Gujarat International Finance Tec-City (GIFT City).

The new centre will allow BoA, which launched two Indian bond auctions at its platform in GIFT-IFSC, to raise debt in international currency.

"We have been encouraging Indian companies to consider this as a platform for bond auctions. Two of the bonds we have listed here are of IndusInd and Yes Bank. Other than Luxembourg and Singapore, they are listed