UAE-based bank Mashreq gets approval from IFSCA to set up ops in GIFT City
This story was originally published at 13:59 IST on 2 July 2025
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--UAE-based bank Mashreq gets approval from IFSCA to set up ops in GIFT City
MUMBAI – United Arab Emirates-based lender Mashreq has received approval from the International Financial Services Centres Authority to open a new international financial services centre-banking unit in the Gujarat International Finance Tec-City, it said in a press release Wednesday. The branch is expected to be functioning by Oct-Dec, subject to regulatory clearances, the release said.
The branch will offer services including foreign currency loans, trade finance solutions and treasury and risk management products, the release said. This is the first UAE-based bank to receive this approval, according to the release. Mashreq has already received permission from the UAE Central Bank and the Special Economic Zone authority, and is in the final stages of receiving the International Financial Services Centres Authority's full licence, the release said. Premises for the branch have been chosen, and recruitment for key positions at the branch is underway, the release said.
"This milestone complements our commitment to fostering innovation, investment and facilitating trade between India and multiple key corridors in the Middle East and across the world, as we aim to leverage our extensive global network," Ahmed Abdelaal, group chief executive officer of Mashreq said in the release.
The new branch will improve the UAE-based bank's ability to serve clients across time zones and regulatory frameworks, across key corridors in west Asia and beyond, the release said. End
Reported by Cassandra Carvalho
Edited by Deepshikha Bhardwaj
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