Citibank becomes first US bank to set up unit in IFSC

US-based globally renowned lender Citibank, on Monday, obtained a license from the IFSC Authority to establish its banking operation at India’s first International Financial Services Centre at GIFT City, Gujarat.

This will make Citibank the first US-based lender to establish a branch in GIFT-IFSC. This new Citibank IFSC branch will service both Indian customers and the bank’s wider global customer base.

Notably the first of the kind in the country, India’s IFSC at GIFT City has experienced a remarkable surge in banking industry activity. As it stands, the total banking deals have now surpassed the $100 billion mark. These deals include external commercial borrowings, FX term loans, and trade finance among others.

Top local and even foreign lenders are already running their banking operations out of GIFT IFSC. Some of these banks include Axis Bank, Bank of Baroda, Barclays Bank, HDFC Bank, HSBC, ICICI Bank, Kotak Mahindra Bank, Standard Chartered, State Bank of India.

” IFSC is fast emerging as a preferred gateway for International Financial Services and enabling many new business opportunities for global investors,” said Dipesh Shah, Head of Development at International Financial Services Centres Authority.