UK-headquartered lender HSBC has expanded its operations in Gujarat International Finance Tec-City ( GIFT City ) with the opening of its state-of-the-art 12,550-square-foot office premises, as it solidifies its presence in India’s newest financial offshore hub, an 886-acre work-in-progress in Prime Minister Narendra Modi’s home state.
This expansion enables it to leverage GIFT City’s world-class infrastructure and business-friendly environment to provide enhanced offerings to its clients, particularly in the wealth management space.
With the launch of the wealth offering, the lender, it notes, becomes the only international bank to offer a full spectrum of products and services to its clients, ranging from wholesale banking to wealth management in GIFT City.
The bank’s enhanced wealth management services in GIFT City, it shares, are designed to meet the growing needs of its premier and private banking clients who want to invest in global markets as well as non-resident Indians seeking investment opportunities in India. This includes foreign currency banking accounts, US dollar-fixed deposits and innovative dollar-denominated investment products.
Additionally, HSBC offers comprehensive wholesale banking services for businesses and corporates to access international financial services, trade finance, payment solutions and more, in addition to providing a range of financial instruments to support clients in managing foreign exchange, risk and liquidity, among others.
“GIFT City is shaping into a key global financial hub, and HSBC is proud to be a part of this journey and be among the top three banks now in the hub within the first four years of our operations,” adds Hitendra Dave, CEO, HSBC India. “The expansion of our proposition reflects our commitment to scale our franchise at GIFT City.”