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HSBC and State Bank of India (SBI) have made strategic investments in CCIL IFSC Limited, acquiring 6.125% stakes each, valued at ₹6.125 crore each. This move is aimed at bolstering their presence within Gujarat International Finance Tec (GIFT) City, India’s premier international financial services center.
HSBC, a global banking giant, has solidified its foothold in GIFT City by acquiring a 6.125% equity stake in CCIL IFSC Limited. This investment, amounting to ₹6.125 crore, signifies HSBC’s commitment to the development of market infrastructure in India.
State Bank of India (SBI), India’s largest public sector bank, has mirrored HSBC’s move by acquiring a 6.125% equity stake in CCIL IFSC Limited. With an equal investment of ₹6.125 crore, SBI reinforces its position within GIFT City, aligning with the broader vision of bolstering India’s international financial services landscape.
The establishment of CCIL IFSC, tasked with developing and operating the Foreign Currency Settlement System (FCSS) at GIFT City, is set to catalyze the growth of the financial ecosystem within the IFSC. This initiative is expected to facilitate a myriad of use cases, driving further expansion and innovation within GIFT City.
HSBC and SBI’s investments in CCIL IFSC echo their strategic commitment to fostering market infrastructure development in India. This move aligns with their existing minority shareholdings in institutions like the National Payments Corporation of India (NPCI) and Clearing Corporation of India Ltd (CCIL), showcasing a dedicated approach towards fortifying India’s financial landscape.
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