India

SMBC to Open New Financial Hub Branch in India's GIFT City

Sumitomo Mitsui Banking Corporation has reportedly received the green light from regulatory bodies to establish a new branch within India's Gujarat International Finance Tec-City (GIFT City).

Since making its debut in India with a New Delhi branch in March 2013, SMBC has expanded its presence by opening additional branches in Mumbai and Chennai in March 2017 and November 2020, respectively.

GIFT City represents India's ambitious initiative to foster a global hub for finance and technology, encapsulating a smart city that features a financial offshore special economic zone, complete with tax incentives. Launched in 2007, this project has successfully drawn numerous international financial institutions, such as J.P. Morgan, Deutsche Bank, and Mitsubishi UFJ Financial Group, to establish operations within its precincts.

For those interested in finding out more about GIFT City, you may wish to view our recent in-depth report: https://hubbis.com/article/a-deep-dive-into-gift-city-the-challenges-and-opportunities-around-developing-a-new-financial-centre-in-india