Australia and New Zealand Banking Group (ANZ) is poised to establish its presence at the International Financial Services Centre (IFSC) in GIFT City. This move marks ANZ as the first Australian bank to establish an IFSC banking unit (IBU) at GIFT City, bringing the total number of IBUs to 28. ANZ has already submitted its application to the IFSC Authority, with approval expected soon.
Once approved, ANZ will offer services such as external commercial borrowing (ECB) and trade finance facilities. Considered one of Australia’s largest banks, ANZ’s entry into GIFT City highlights the centre’s growing prominence as an international financial hub, said a source at IFSCA.
At IFSC, we have already onboarded banks from the US, the UK, Japan, France, Singapore, and Germany. IFSC Authority banking regulations enable inbound and outbound banking opportunities. IFSC banking units provide ECB, trade finance, foreign currency loans, and other services. Presence of large number banks is a testimony to the growing business opportunities in India’s IFSC, said Dipesh Shah, executive director of IFSC Authority.
Two Australian universities — Deakin University and Wollongon University — plan to set up their international branch campuses at GIFT City and start courses soon. Sources said that the Australia New Zealand Banking Group IBU will facilitate the presence of Australian universities at GIFT City. Gift IFSC has witnessed significant growth in the international banking business over the years. As of Feb, total IFSC banking assets at GIFT City has crossed $56 billion. More international banks are considering setting up base at Gift IFSC in the coming months. A leading bank from UAE is also planning to establish base at Gift IFSC, said a source.
