IFSCA approves DBS Bank to set up international banking unit at GIFT City
June 24, 2023
Gandhinagar: DBS Bank Ltd, a multinational banking and financial services corporation based in Singapore, has received approval from the International Financial Services Centre Authority (IFSCA) to establish an international banking unit (IBU) at GIFT City.
This move is expected to attract more financial companies from Singapore to GIFT City, following the arrival of SGX Nifty. At its GIFT City IBU, DBS will offer various financial services such as trade finance, external credit borrowing (ECB), treasury operations, and derivatives.
Sources indicate that DBS’s IBU will also engage in treasury and markets business at GIFT IFSC, with a particular focus on derivatives. Additionally, DBS aims to bring similar capabilities for its retail customers in private and wealth banking from the zone. DeshGujarat
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