More Stories

Informist, Thursday, Nov. 7, 2024

By Kshipra Petkar

MUMBAI – United Arab Emirates-based Mashreq Bank has submitted an application to set up an office at the International Financial Services Centre, Gujarat International Finance Tec-City in Gandhinagar, Gujarat, and operations are expected to start next year, Tushar Vikram, the bank's newly appointed country head and chief executive officer of India operations said at the sidelines of the Business Standard BFSI event Thursday. "Yes, we are setting up at GIFT City, by next year. We have applied," he said.

GIFT City in Gujarat is a financial special economic zone set up by the government to boost foreign investments in Indian assets. It is a deemed foreign jurisdiction within the Indian territory, offering investors relaxation on regulatory requirements as well as taxation. Several entities are setting up their subsidiaries in GIFT City.

In May, REC Ltd. received a no-objection certificate from the Reserve Bank of India for setting up a wholly-owned subsidiary in GIFT City.

During a panel discussion on Thursday, Vikram said that India and the US are the two main focus areas of the bank. They are looking to expand their customer base and come up with more products. "Our aim is to grow twice the pace of India's GDP," he said.

Mashreq India was established in 1980 in Mumbai. The branch operates as a full-fledged commercial bank providing a comprehensive suite of banking products. It offers banking services to corporate clients, including working capital finance, short term loans, structured debt, trade finance solutions, among others.

Asked about the bank's plans to shift its focus towards retail banking or set up a subsidiary, Vikram said that it was too early for this discussion. He said they have enough opportunities, but "obviously never say never."  End

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.