DBS targets US$1B in first year of operations in GIFT City in India

DBS Bank has inaugurated its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, India.

GIFT City houses India’s first International Financial Services Center (IFSC), which offers a favorable regulatory environment, tax benefits and other business enablers.

The DBS Gift City IBU will initially focus on providing corporate banking services, covering a range of foreign currency denominated loans including External Commercial Borrowings (ECBs) and trade finance products.

The bank said it expected to build a book value of over US$1 billion in the first year of operations. DBS will also expand financial center offerings including solutions for its private banking customers.

DBS Bank already has a significant presence in India through its wholly owned subsidiary DBS Bank India Limited. It has a nationwide physical network of about 530 branches at more than 350 locations across the country.

The IBU was inaugurated by Lawrence Wong, Deputy Prime Minister and Minister of Finance of Singapore, in the presence of dignitaries from the International Financial Services Centers Authority (IFSCA), the Monetary Authority of Singapore (MAS) and GIFT City.