Federal Bank commissioned its IFSC Banking Unit (IBU) in India’s first International Financial Service Centre (IFSC) in GIFT City (Gujarat) in November 2015.
“The unit offers various financial services such as funded & non-funded facilities to overseas operations of Indian corporates, extending loans to overseas business ventures of Non-Resident Indians, Trade Finance solutions to the Indian clients to name a few,” said an official communiqué from the bank.
“We have always believed in diversifying our portfolio and expanding the spectrum of the products and services that we offer to our customers. Commissioning a unit at the Gift City was a strategic decision of the Bank and is focused on ensuring specialised, hassle-free cross–border trade transactions for our clients. We are encouraged by this landmark achievement of USD 200 million in business,” said Executive Director, Federal Bank, Ganesh Sankaran.
“With various facilities bundled together, we ensure a complete financial offering to our clients at the Gift City. Our IBU Branch in GIFT City has widened the Bank’s capability to extend trade credit and financing solutions. Coupled with a deep origination ability from our strong presence in certain NR markets, we are able to position ourselves as a universal bank,” he added further.
As part of its effort to fund diverse business ventures, the Bank raised foreign currency funds by way of Bi-lateral loans/ borrowings from the Banks across the world. Federal Bank –IBU has executed transactions in various segments such as Manufacturing, Metals, Media and Entertainment, Healthcare, Electricals etc. The GIFT city IBU is a strategic addition to our business.