Axis Bank's GIFT City Unit Doubles Asset Book to USD 4 Billion
By Rediff Money Desk, Gandhinagar Nov 27, 2024 16:39
Axis Bank's IFSC Banking Unit at GIFT City has doubled its asset book to USD 4 billion in five years, with a new, spacious office. The unit focuses on corporate banking, trade finance, and capital market operations.
Gandhinagar, Nov 27 (PTI) Private lender Axis Bank on Wednesday said the asset book of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar has doubled to USD 4 billion from USD 2 billion in 2019.
The bank unveiled a spacious IBU office at GIFT City here that spans nearly 8,000 square feet and is nearly three times bigger than the previous facility located here.
"In terms of size, today our asset book here is a little over USD 4 billion, which is among the largest in GIFT City. Similarly, on the liability side, we have a USD 1 billion deposit, which once again makes us among the highest in terms of deposits as well...from USD 2 billion in 2019, we have doubled our asset book," its Deputy Managing Director Rajiv Anand told mediapersons.
"The office is an expression of our ambition aligned with the ambition for GIFT City to serve our customers. We continue to show very solid growth on multiple fronts," said Axis Bank's President and Head of Wholesale Banking Products Vivek Gupta.
The bank's senior leadership said that since 2019 when the bank decided to consolidate its international business at GIFT City and made it the first port of call for all the new transactions and existing corporate books transferred from other foreign centres, its IBU branch became the fulcrum of all the overseas activity.
The team also picked up slowly, growing from six to 35 members today, with the new office having the capacity for 65 people. The bank built up its capabilities around segments such as corporate banking, trade finance, and capital market operations to support these activities, they added.
Axis Bank is also one of the few banks having a standalone treasury at GIFT City from initial outset, they said.
Anand said that capital market and trade finance will be major areas of focus for Axis Bank at GIFT City going forward.
The bank's further growth at GIFT City depends on how much funding is required by corporate India over the next one year, and within that how much of foreign currency requirement will be there for corporates, he said.
GIFT City is India's first international financial services centre, providing world-class banking services locally and reducing reliance on offshore financial hubs.
The bank unveiled a spacious IBU office at GIFT City here that spans nearly 8,000 square feet and is nearly three times bigger than the previous facility located here.
"In terms of size, today our asset book here is a little over USD 4 billion, which is among the largest in GIFT City. Similarly, on the liability side, we have a USD 1 billion deposit, which once again makes us among the highest in terms of deposits as well...from USD 2 billion in 2019, we have doubled our asset book," its Deputy Managing Director Rajiv Anand told mediapersons.
"The office is an expression of our ambition aligned with the ambition for GIFT City to serve our customers. We continue to show very solid growth on multiple fronts," said Axis Bank's President and Head of Wholesale Banking Products Vivek Gupta.
The bank's senior leadership said that since 2019 when the bank decided to consolidate its international business at GIFT City and made it the first port of call for all the new transactions and existing corporate books transferred from other foreign centres, its IBU branch became the fulcrum of all the overseas activity.
The team also picked up slowly, growing from six to 35 members today, with the new office having the capacity for 65 people. The bank built up its capabilities around segments such as corporate banking, trade finance, and capital market operations to support these activities, they added.
Axis Bank is also one of the few banks having a standalone treasury at GIFT City from initial outset, they said.
Anand said that capital market and trade finance will be major areas of focus for Axis Bank at GIFT City going forward.
The bank's further growth at GIFT City depends on how much funding is required by corporate India over the next one year, and within that how much of foreign currency requirement will be there for corporates, he said.
GIFT City is India's first international financial services centre, providing world-class banking services locally and reducing reliance on offshore financial hubs.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 8.35 (+ 10.89)
- 121203356
- Srestha Finvest
- 0.58 ( 0.00)
- 48257891
- Ola Electric Mobilit
- 88.16 (+ 19.99)
- 27706817
- Rajnish Wellness
- 1.81 ( -4.74)
- 12435274
- Hathway Cable & Data
- 17.01 ( -8.20)
- 12133717
MORE NEWS
Bullion Rates in Bengaluru - November 27
Check the latest closing bullion rates in Bengaluru for standard gold, ornament gold...
Air India Express Launches Flights to Bangkok...
Air India Express will start flights to Bangkok from Surat and Patna from December 20,...
RBI Builds Data Analytics Ecosystem for Banking...
RBI Deputy Governor Swaminathan highlights the creation of a robust data analytics...