Bank of Baroda, one of India’s leading public sector banks, has announced the inauguration of its new International Financial Services Centre Banking Unit (IFSCBU) premises at the Brigade International Financial Centre in GIFT IFSC, Gandhinagar. The new facility will enable the Bank to expand its operations and set up International Treasury operations, a Centralised Trade Finance hub, Capital Markets business, and scale up its Foreign Exchange and Derivatives Trading activities.
The Bank’s IFSCBU has also listed its existing Dollar denominated Medium Term Notes (MTN) on BSE’s India INX and NSE IFSC exchanges, which are international exchanges operating in GIFT IFSC. The listing ceremony was carried out in the presence of Shri Injeti Srinivas, Chairperson of the International Financial Services Centres Authority (IFSCA), Shri Tapan Ray, Managing Director & Group CEO of GIFT City, Shri Sanjiv Chadha, Managing Director & CEO of Bank of Baroda, and Shri Lalit Tyagi, Executive Director of Bank of Baroda. Officials from India INX & NSE IFSC were also present at the listing ceremony.
The Bank’s expansion at GIFT City is part of its strategy to become a global player in the financial services industry. GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC), located in the state of Gujarat. It was launched in 2015 with the aim of creating a world-class financial services hub that would attract foreign investment and create jobs in India. Since its launch, GIFT City has become a major destination for international financial services firms looking to set up operations in India.
Bank of Baroda has been a part of GIFT City since its inception and has been actively involved in developing the city’s financial services ecosystem. The Bank has set up its IFSCBU in GIFT City to cater to the needs of its international clients and provide them with a wide range of financial services. The Bank’s IFSCBU offers a range of services, including Corporate Banking, Trade Finance, Treasury, Capital Markets, and Foreign Exchange.
Speaking at the inauguration ceremony, Shri Sanjiv Chadha, Managing Director & CEO of Bank of Baroda, said, “We are pleased to inaugurate our new state-of-the-art premises in GIFT City. This is a significant milestone in our journey towards becoming a global player in the financial services industry. Our expanded operations at GIFT City will enable us to offer our clients a wider range of financial services and strengthen our position as a leading player in the Indian financial services industry.”
Shri Injeti Srinivas, Chairperson of the IFSCA, said, “Bank of Baroda’s expansion at GIFT City is a testament to the city’s growing reputation as a world-class financial services hub. We are delighted to see Indian banks like Bank of Baroda taking a leading role in developing the city’s financial services ecosystem and creating jobs in India.”
The expansion of Bank of Baroda’s operations at GIFT City is expected to create new job opportunities in the financial services industry and attract foreign investment to India. With the Indian government’s continued focus on promoting the development of GIFT City, it is expected to become a major destination for international financial services firms looking to set up operations in India.
