Tokyo-based Sumitomo Mitsui Banking Corporation has commenced operations in its new branch in GIFT City, India’s financial and tech hub.
Sumitomo Mitsui Banking Corporation (SMBC) has announced the opening and start of operations at its Gujarat International Finance Tec-City (GIFT City) branch, according to a statement. The new branch will focus on foreign currency-denominated lending business, enabling the bank to further strengthen its capabilities and capacity to support its clients in India.
With the opening of the GIFT City unit, SMBC’s network in India has expanded to four branches alongside New Delhi, Mumbai and Chennai.
Financial and Tech Hub
First conceptualized in 2007, GIFT City is India’s national project to create a hub for international finance and technology. It aims to become a smart city that includes a financial offshore special economic zone with benefits like tax incentives.
Thus far, it has attracted various global financial institutions including J.P. Morgan, HSBC and Deutsche Bank.
