HSBC to set up Offshore Unit in GIFT City

HSBC has reportedly received approval to set up an entity in India’s Gujarat International Finance Tec-City (GIFT), described as India’s first smart city.

HSBC has said that it received approval to set up a banking operation from the GIFT SEZ Authority, according to an article by International Investment.

The new unit will offer offshore solutions, operating as a subsidiary of HSBC India, conforming to International Financial Services Centre (IFSC) regulations, said the article.

Surendra Rosha, CEO, India, HSBC, said: “Our proposed IBU at GIFT IFSC will complement our domestic business in India and flows with our global financial centres.”

“This would help expand the options available to our customers to seamlessly conduct international business transactions, in particular, financing, trade and global markets. This reiterates HSBC's commitment to India as a core top five global contributor, and our second largest employment base globally,” Rosha continued.

Tapan Ray, Managing Director and Group CEO, GIFT, said: “The government of India has envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore and the presence of HSBC has further strengthened the IFSC ecosystem of India.”