HSBC India’s GIFT City unit has crossed the $20 billion balance-sheet milestone since its launch in January 2021, underscoring the bank’s increasing focus on international financial services, chief executive officer Hitendra Dave said in an exclusive interview to
.Dave said that the bank’s exposure extends beyond the assets held on its books, with underwriting and distribution activity adding to the scale of its business at GIFT City.
“Five years and seven months down the line, our balance sheet there exceeds $20 billion, which tells you the kind of commitment we have to make it work,” Dave said. HSBC India’s balance sheet size is almost twice that of any other international bank operating from GIFT City.For HSBC, GIFT City represents an opportunity to position India in a different league among global financial centres by allowing international financial activity within India’s time zone and geography.GIFT City is a wonderful opportunity to position a part of India and it’s a great way for non-resident Indians to access international financial markets,” Dave said.
He indicated that GIFT City will soon be a centre for industries belonging to other sectors such as aviation and insurance and global capability centres will soon be set up at GIFT City.
“GIFT City was set up around 10 years ago but it really took off during COVID times. I think the total balance sheet might be $250 billion. So it just tells you: if you can get that much in five-six years, then the track record and confidence have been good, flexibility has been available, and regulation has been responsive to market needs,” Dave said.
