Indian Prime Minister launches Deutsche Bank's IFSC banking unit in Gift City, Gujarat
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Indian Prime Minister launches Deutsche Bank's IFSC banking unit in Gift City, Gujarat 03 August 2022India Reporter: Jamie Wallace
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Prime Minister, Shri Narendra Modi, has launched the IFSC Banking Unit (IBU) of Deutsche Bank AG at Gift City, Gujarat.
The IBU will provide all approved international financing products to Deutsche Bank's clients in India and overseas, providing access to solutions that help improve business efficiencies.
Deutsche Bank proposes to commence its business in Gift City with credit facilities for corporate clients and will provide a suite of products across trade finance, fixed income and currencies initially.
Deutsche Bank’s IBU, will offer products such as factoring and bank guarantees, with the aim of helping global clients increase efficiencies across their supply chain and reduce their financing costs.
Within the framework of extant guidelines, it also will facilitate cash pooling and other deposit propositions for Indian and international clients.
India’s maiden IFSC at Gift City, has witnessed significant increase in banking sector activity, says Deutsche Bank AG. A competitive tax regime, conducive regulatory framework, and ease of doing business, has provided an impetus to the financial centre, it adds.
Alexander von zur Mühlen, CEO of Deutsche Bank, Asia Pacific and member of the management board, says: "The IBU will help provide our clients in India and overseas with access to the best suite of financial solutions and services that India has to offer.
“Congratulations to the Indian government for conceptualising and establishing Gift City, and we look forward to a fruitful association for many decades to come.”
Kaushik Shaparia, CEO Deutsche Bank Group India, adds: "With the rising number of multinational corporations in India, we will witness an increase in the demand for cross-border banking services from hedging to financing. Our IBU will help us bridge this gap for our clients, opening new avenues of growth for them.
“The government’s focus on the International Financial Services Centre is a promising move not only for the financial sector, but also for the country as it helps cement India’s position as a world-class economy.”
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