DBS Bank Ltd., Singapore’s largest bank, on Monday, expanded its presence in India by inaugurating its new IFSC Banking Unit (IBU) in the Gujarat International Finance Tec-City (GIFT City), Gandhinagar.
The bank’s new unit is expected to focus on delivering corporate banking services, and foreign currency-denominated loans, including external commercial borrowings (ECB) and trade finance products, the statement of DBS bank said.
DBS Bank has said that it is hoping to build a book exceeding $ 1 billion in the first year of operations.
In the future, DBS is hoping to include solutions for its private banking clients along with other services it currently provides.
The opening of the IBU in the GIFT International Financial Services Centre is a significant enabler for the bank’s growth strategy for India, said DBS on the launch of its new financial unit in Gandhinagar.
The launch of the new unit was attended by Singapore’s Deputy Prime Minister Lawrence Wong and other dignitaries from the International Financial Services Centres Authority (IFSCA), the Monetary Authority of Singapore (MAS) and GIFT City.