Japanese Bank MUFG will open a branch at GIFT City(Gujarat International Financial Tech City). The International Financial Services Centre Authority in India and the Financial Services Agency in Japan have both granted MUFG Bank permission to open a branch at GIFT City. MUFG will be the first Japanese bank to open a branch at Gujarat International Financial Tech City (GIFT City).
MUFG Bank has decided to open a branch in order to provide a wide range of banking services to both domestic and international clients.
“With this significant addition, the international banking ecosystem in GIFT City will be strengthened, demonstrating the growing significance of GIFT IFSC, and we are confident that other Japanese financial institutions will consider marking their presence in GIFT City,” said Tapan Ray, MD & Group CEO GIFT City.
Foreign currency-denominated loans are prohibited in India in principle due to regulations, whereas GIFT City offers the opportunity to book India-linked offshore business on Indian shores, thereby expanding the business.
“India is attracting a large number of foreign investors, and we are excited to contribute to that growth through our new office in GIFT City.” As we expand our presence, we hope to better serve our global clients and become more relevant to them,” said Shashank Joshi, MUFG Bank’s Deputy CEO of India.