Axis Bank's GIFT City Asset Surge: From Vision to Reality

Axis Bank's asset book in GIFT City's IFSC Banking Unit has doubled to USD 4 billion since 2019. The bank recently opened a larger IBU office to support growth. Capital markets and trade finance are key focus areas for future development, alongside growing corporate banking capabilities.


Devdiscourse News Desk | Gandhinagar | Updated: 27-11-2024 16:41 IST | Created: 27-11-2024 16:41 IST
Axis Bank's GIFT City Asset Surge: From Vision to Reality
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Axis Bank announced a remarkable doubling of its asset book at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, reaching USD 4 billion, up from USD 2 billion in 2019. This announcement came during the unveiling of its expansive new IFSC Banking Unit office.

The new office, nearly three times the size of its predecessor, reflects the bank's significant ambitions for growth at GIFT City. Deputy Managing Director Rajiv Anand emphasized the bank's leading status in assets and liabilities, showcasing its USD 1 billion in deposits.

Vivek Gupta, Axis Bank's President and Head of Wholesale Banking Products, highlighted solid growth across corporate banking, trade finance, and capital markets. As the IBU branch strengthens its position as a hub for international transactions, the bank aims to expand capabilities in these areas.

(With inputs from agencies.)

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