JP Morgan, Deutsche Bank open Gift City units
- Country:
- India
JP Morgan and Deutsche Bank on Friday inaugurated their international banking units (IBUs) in the Gift City in Gandhinagar, which also saw the entry of the international exchange unit of NSE, Nifty-SGX.
Both the units were inaugurated by Prime Minister Narendra Modi who also launched the Nifty-SGX.
JP Morgan, which has been doing business in the country for the past 75 years, said and the newly established IBU will enable it to further deepen its footprint to facilitate cross-border flows by offering comprehensive fixed income, forex, commodities, debt and capital market solutions to its offshore and onshore clients.
In a similar statement Deutsche Bank said it proposes to commence its IBU with credit facilities for corporate clients and will provide a suite of products across trade finance, fixed income & currencies initially. In addition it will also facilitate cash pooling and other deposit propositions for Indian and international clients.
This is a significant milestone for our franchise as we continue to grow with India, said Madhav Kalyan, MD & CEO of JPMorgan Chase Bank India and senior country officer India.
Cross-location and cross-border activity among our clients is increasing and Gift IFSC is uniquely positioned to act as the country's international financial gateway. It will provide us with the opportunity to offer a wider range of products for our clients as they continue to growth their businesses, he added.
On the day of the launch, the Wall Street major also supplied physical gold to its clients for the inaugural transaction on the India International Bullion Exchange IFSC. The bank is amongst the largest supplier of physical bullion in the country.
Alexander von zur Muehlen, CEO of Deutsche Bank, Asia Pacific and member of the management board said the IBU will provide all approved international financing products to its clients in India and overseas, thereby facilitating easy access to innovative solutions that help improve business efficiencies.
Deutsche Bank, which has been in India for the past 42 years, said the IBU will help provide our clients in India and overseas with access to the best suite of financial solutions and services that India has to offer. MR MR
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Four, including three Indians, arrested while entering US illegally from Canada
Indian American indicted in a Ponzi scheme
Navarro beats Sabalenka in 3 sets, Gauff advances to quarters on her birthday at Indian Wells
Paramount Global to sell 13 pc stake in Indian TV business to Reliance Industries for Rs 4,286 cr
Tennis-Rune battles past Fritz to set up Medvedev showdown at Indian Wells