New Delhi, May 13
CTBC Bank announced the opening of its new branch at GIFT City on Wednesday, marking a significant milestone in the institution's three-decade commitment to the Indian market. According to a CTBC Bank release, the lender became the first Taiwanese bank to establish a presence in GIFT City, Gujarat, and it remained the only bank from Taiwan with a branch presence anywhere in India.
The establishment of the GIFT City operations reinforced the bank's focus on supporting cross-border financing, trade, and investment flows.
"GIFT City welcomes CTBC Bank's entry into India's premier international financial services hub. As the first Taiwanese bank to establish a presence at GIFT City, CTBC Bank's arrival further strengthens our growing banking ecosystem and reinforces GIFT City's position as a gateway for global financial institutions," said Sanjay Kaul, Managing Director and Group CEO, GIFT City.
The new branch has been established in pursuit of serving clients in the Indian subcontinent and Taiwan, while leveraging GIFT City's position as India's emerging international financial services hub.
"Their presence will facilitate greater cross-border trade, investment flows, and financial connectivity between India, Taiwan, and the wider Asia region, contributing meaningfully to the expansion of international banking and financial services from GIFT IFSC," Kaul added.
The bank intended to use this new location to better serve its regional clientele by utilizing the infrastructure of India's premier financial zone. This move followed the bank's long-standing strategy of maintaining a presence in the Asia growth corridor. The expansion into Gujarat represented a strategic effort to streamline financial partnerships and handle the increasing volume of trade agreements between the two nations.
Commenting on the occasion, Tanmoy Adhikari, CEO India, CTBC Bank, thanked the GIFT City authority and added that the GIFT City Branch will enable the bank to serve its clients on cross-border business in a better way through greater efficiency and access to international products and services
The inauguration ceremony featured a traditional Lion Dance performance, which symbolized prosperity, strength, and new beginnings in Asian culture. The ceremony reflected the cultural heritage of the bank and its outlook on deepening economic engagement with the Indian economy.
CTBC Bank maintained its presence in India for 30 years through its existing branches in New Delhi and Kattupakkam, Chennai. The bank continued to support its clientele through evolving economic shifts and regional integration. The opening of the GIFT City branch strengthened the bank's capacity to offer international banking solutions that aligned with the growing role of India in global finance and trade.
- ANI
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