IndusInd Bank receives RBI approval to set up IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) unit
Posted on Wednesday, August 5th, 2015 | By IndusInd Bank
Mumbai, August 5, 2015: IndusInd Bank has received approvals to set up an International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City). IndusInd Bankâ€™s International Banking Unit (IBU) will provide the bank access to International financial markets and will allow IndusInd to deliver a complete range of products to its clients with foreign currency funding requirements. The Bank will now be able to actively offer products such as External Commercial Borrowings to its customers an area where it had limited capabilities hitherto.
The Bank through this banking unit will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers
Mr.Suhail Chander, Head, Corporate & Commercial Banking, IndusInd Bank said, â€œThe opening of IBU in GIFT city will be yet another milestone in our growth trajectory. This development will benefit us in servicing foreign currency funding requirements which would help us in meeting our objective of being acomplete banking partner to our customers with global aspirations.â€
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel distribution network. As on June 30, 2015, IndusInd Bank has 811 branches and 1,543 ATMs spread across the country.The Bank also has representative offices in London, Dubai and Abu Dhabi. It enjoys clearing bank status for both major stock exchanges -BSE and NSE -and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank is ranked 19th amongst the Top 50 Most Valuable Indian Brands 2014 as per the BrandZ Top 50 rankings a study published by the WPP and conducted by Millward Brown.
- ICRA AA+ for Lower Tier II subordinate debt program by ICRA
- ICRA AA for Upper Tier II subordinate debt program by ICRA
- CRISIL A1+ for certificate of deposit program by CR ISIL
- CARE AA+ for Lower Tier II subordinate debt program by CARE
- IND A1+ for Short Term Debt Instruments by India Ratings and Research
- IND AA+ for Lower Tier II subordinate debt program by India Ratings and Research
- IND AA for Upper Tier II subordinate debt program by India Ratings and Research
- IND AA+ for Senior unsecured bonds program by India Ratings and Research
For more details on this release, please contact:
IndusInd Bank Ltd.
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