DBS opens a new IFSC branch in GIFT City

18 Jul 2023 , 11:41 AM

The largest bank in Singapore, DBS Bank Ltd., increased its presence in India on Monday by opening an IFSC Banking Unit (IBU) in Gandhinagar’s Gujarat International Finance Tec-City (GIFT City).

According to a DBS bank statement, the new division of the bank would primarily provide corporate banking services as well as loans denominated in foreign currencies, such as external commercial borrowings (ECB) and trade financing products.

In its first year of business, DBS Bank stated it aimed to amass a book worth more than $1 billion.

Future plans for DBS include adding private banking client solutions to its current portfolio of services.

DBS stated at the introduction of its new financial unit in Gandhinagar that the launching of the IBU in the GIFT International Financial Services Centre is a critical enabler for the bank’s expansion strategy for India.

Deputy Prime Minister of Singapore Lawrence Wong, as well as leaders from GIFT City, the Monetary Authority of Singapore (MAS), and the International Financial Services Centres Authority (IFSCA), were present for the new unit’s debut.

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