The approval will allow the bank to launch its wealth management proposition from the Gujarat International Finance Tec-City (GIFT City) IFSC. The bank said it expects to begin offering these retail services in the coming months.
Standard Chartered began operations from GIFT City in 2020 and currently provides lending, trade finance, transaction banking and financial markets services to corporate and institutional clients.
The bank said its GIFT City operations currently serve more than 600 clients, including multinational companies, domestic corporates, financial institutions and small and medium enterprises. It has financed over $25 billion across products, according to the lender.
“As clients and investors across global markets show increasing interest in GIFT City as a financial gateway to India, this approval enables us to bring our global wealth management capabilities to the ecosystem,” said P D Singh, CEO, India and South Asia, Standard Chartered.
The bank has also expanded its presence in GIFT City with services including corporate treasury management solutions and foreign currency settlement systems.
GIFT City IFSC has been positioning itself as an international financial hub, with regulatory frameworks aimed at attracting global financial institutions, fund managers and investors.Standard Chartered said its existing operations include services for fund management companies, foreign portfolio investors and global institutions investing in India.
