Bank of India Expands Presence with CCIL IFSC Stake Purchase

Bank of India has acquired a 6.125% stake in CCIL IFSC, highlighting its commitment to the growth of International Financial Services Centre (IFSC) at GIFT City. This move underlines its strategic efforts to boost GIFT City's financial ecosystem and expand its global banking services.

Bank of India (BoI) announced on Monday that it has acquired a 6.125 percent stake in CCIL IFSC, a recently established entity listed in GIFT Special Economic Zone (SEZ). This strategic move underscores BoI's commitment to advancing the International Financial Services Centre (IFSC) at GIFT City.

The announcement came from Subrat Kumar, Executive Director of International Operations for BoI, during an event that marked the first anniversary of the bank's IFSC Banking Unit in GIFT City. 'The acquisition of this stake showcases our dedication to make GIFT City IFSC a leading global financial services provider,' said Kumar.

CCIL IFSC, promoted by Clearing Corporation of India Limited, aims to establish a real-time foreign currency settlement system at GIFT City. This will act as a clearing house and system operator, fostering the development of GIFT City's financial ecosystem. Looking ahead, BoI has set ambitious growth targets, aiming for a 50 percent increase in business over the previous year.

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