HSBC Expands Presence In India's GIFT City Financial Hub

Editorial Staff

23 January 2025

has just opened a “state-of-the-art” 12,550 sq ft office premises in GIFT City (Gujarat International Finance Tec-City), marking a significant milestone as it builds a presence in the country.

The UK/Hong Kong-listed lender said it will use the centre’s infrastructure to provide enhanced offerings to its clients, such as in the wealth management space. HSBC said it is the only international bank to offer a full spectrum of products and services to its clients, ranging from wholesale banking to wealth management in GIFT City.

The wealth management services are aimed at HSBC's Premier and private banking clients who want to invest in global markets; these are also aimed at non-resident Indians seeking investment opportunities in India. These options include foreign currency banking accounts, dollar-based fixed deposits, dollar-denominated investment products, and others.

“The establishment of HSBC’s new office in GIFT City underscores the growing appeal of India’s IFSC as a global financial hub. IFSC is witnessing major growth in banking, asset management and several areas of international financial services. The presence of leading global institutions and their expansion is testimony to GIFT IFSC gaining traction,” Dr Dipesh Shah, executive director from the International Financial Services Centre Authority (IFSCA), said.

“The launch of HSBC’s new branch demonstrates the increasing recognition of GIFT City’s unique value proposition as a world class financial and business destination. The growing presence of leading banks and financial institutions will enhance the ecosystem and further strengthen India’s position amongst global financial markets,” Tapan Ray, MD and group CEO, GIFT City added.

HSBC, which began its operations in GIFT City in January 2021, said it was the first international bank to receive investment banking permission and a foreign portfolio licence. Over the past four years, HSBC has acquired a 6.125 per cent equity stake in CCIL IFSC Limited (CCIL IFSC). HSBC said it was also the first bank in GIFT to offer digital banking services including acquisition finance, capital call, revolving loan, receivable finance, and others.

(To see a separate HSBC story about India this week, click here.)