Business

IndusInd Bank Receives RBI Approval to Set up IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) Unit

IndusInd Bank has received approvals to set up an International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City). IndusInd Bank’s International Banking Unit (IBU) will provide the bank access to International financial markets and will allow IndusInd to deliver a complete range of products to its clients with foreign currency funding requirements. The Bank will now be able to actively offer products such as External Commercial Borrowings to its customers an area where it had limited capabilities hitherto.

 

The Bank through this banking unit will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers

 

Mr. Suhail Chander, Head, Corporate & Commercial Banking, IndusInd Bank said, “The opening of IBU in GIFT city   will be yet another milestone in our growth trajectory. This development will benefit us in servicing foreign currency funding requirements which would help us in meeting our objective of being a complete banking partner to our customers with global aspirations.”

 

About IndusInd Bank:

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel distribution network. As on June 30, 2015, IndusInd Bank has 811 branches and 1,543 ATMs spread across the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank is ranked 19th amongst the Top 50 Most Valuable Indian Brands 2014 as per the BrandZ Top 50 rankings a study published by the WPP and conducted by Millward Brown.

 

Ratings:

– ICRA AA+ for Lower Tier II subordinate debt program by ICRA

– ICRA  AA  for Upper Tier II subordinate debt program by ICRA

– CRISIL  A1+ for certificate of deposit program by CRISIL

– CARE AA+ for Lower Tier II subordinate debt program by CARE

– IND A1+ for Short Term Debt Instruments by India Ratings and Research

– IND AA+  for Lower Tier II subordinate debt program by India Ratings and Research

– IND AA  for Upper Tier II subordinate debt program by India Ratings and Research

– IND AA+  for Senior unsecured bonds program by India Ratings and Research

 

Twitter- @MyIndusIndBank

Facebook –https://www.facebook.com/OfficialIndusIndBankPage

 

Disclaimer –

“This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended or an exemption from such registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the bank and management, as well as financial statements.”

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