Taiwan’s CTBC Bank to Open New Unit in GIFT City
CTBC Bank, the largest private bank in Taiwan, has applied to open an IFSC Banking Unit (IBU) in GIFT City, Gujarat. The bank recently filed an application with the International Financial Services Centres Authority (IFSCA) and plans to set up the unit in Brigade Towers, a key area in GIFT SEZ. This move will help boost financial ties between India and Taiwan and offer more international banking services from GIFT City.
CTBC Bank will take up over 3,100 square feet of space in Brigade Towers at GIFT City SEZ. This banking unit will allow the bank to carry out various international financial services. GIFT City is India’s first International Financial Services Centre (IFSC) and is located in Gujarat. CTBC Bank already has a presence in India, with its first branch opened in New Delhi in 1996.
In January 2025, Taiwan’s Financial Supervisory Commission gave formal permission to CTBC Bank to apply for a branch in GIFT City. This shows Taiwan’s strong support for its financial firms to explore opportunities in India.
CTBC Bank is not the only Taiwanese bank to look toward GIFT City. Taipei Fubon Bank also got approval to set up an IBU here. These new branches are expected to help Taiwanese businesses and serve local companies in South Asia. A senior IFSCA official said that the rise of industries like electronics and semiconductors could be a reason behind this growing interest.
Banks from other countries like the UAE and France have also applied. Mashreq Bank from the UAE was the first from the Middle East to get approval, followed by First Abu Dhabi Bank. French banks such as Natixis, Societe Generale, and Credit Agricole have also shown interest.
Yes Bank was the first Indian bank to open an IBU in GIFT City in October 2015. By March 2025, the number of IBUs had grown to 31, with a combined asset size of $88,500 million. These units handle trade finance, foreign currency loans, investments, and other services.
Some banks like Standard Chartered and Axis Bank have even expanded their operations by moving to larger spaces. GIFT City is fast becoming a global banking hub, and more banks are expected to join soon.
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