Two Taiwanese banks planning to set up branches in GIFT City, Gujarat

Gandhinagar: In what would be an addition to several international lenders like Standard Chartered, HSBC, Citibank, Deutsche Bank, Barclays, and JP Morgan Chase, two Taiwanese banks are planning to set up branches in Gujarat. These lenders are Taipei Fubon Bank and CTBC Bank, as announced in a social media post by the Taipei Economic and Cultural Centre (TECC), Taiwan’s de facto embassy in India.

The TECC, in an X post, said, “India is rolling out the red carpet for Taiwanese investment 🇮🇳🤝🇹🇼! With Taipei Fubon Bank and CTBC Bank eyeing branches in Gujarat’s GIFT City — India’s emerging global financial hub — cross-border trade and finance ties are set to grow stronger.”

Currently, CTBC Bank has two branches in India, one in New Delhi and another in Chennai, making it one of the few Taiwanese lenders with a physical presence in the country.

This move comes as economic engagement between India and Taiwan continues to deepen, and as GIFT City attracts increasing interest from global financial institutions seeking to tap into India’s dynamic economy. DeshGujarat