HSBC has been approved to set up an office in the Gujarat International Finance Tech (GIFT) City, one of India's largest special economic zones (SEZs), it was announced yesterday.

HSBC, which in India is known as the Hongkong and Shanghai Banking Corporation, headquartered in Hong Kong, said it had gained in-principle approval from the GIFT SEZ Authority to set up a banking unit.

The new unit will operate as an offshore subsidiary of HSBC India, under International Financial Services Centre (IFSC) regulations.

This reiterates HSBCs commitment to India as a core top five global contributor, and our second largest employment base globally."

Surendra Rosha, CEO of HSBC India, said in a statement yesterday, "Our proposed IBU at GIFT IFSC will complement our domestic business in India and flows with our global financial centres."

"This would help expand the options available to our customers to seamlessly conduct international business transactions, in particular, financing, trade and global markets. This reiterates HSBC's commitment to India as a core top five global contributor, and our second largest employment base globally."

Tapan Ray, MD and group CEO, GIFT City, added: "The government of India has envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore and the presence of HSBC has further strengthened the IFSC ecosystem of India."

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HSBC to set up offshore banking unit in India's GIFT fintech city - International Investment