TAIPEI (Taiwan News) — CTBC Bank is set to open a branch at Gujarat International Finance Tec-City (GIFT City) in India, CNA reported on Monday.
Financial Supervisory Commission said on Monday that it has approved CTBC Bank's application to establish a new branch in India. Pending approval from Indian authorities, the bank would become the first Taiwanese bank with a presence in GIFT City.
Gujarat International Finance Tec-City, established in April 2015, sits on the banks of the Sabarmati River in Gujarat. As India's global financial and technology hub, it has key infrastructure and aims to be a "smart city” for the nation’s finance and technology sectors.
The Indian government established the country's first International Financial Services Centre at GIFT City to enhance international financial competitiveness and encourage foreign investment. Additionally, the government offers tax incentives to businesses to stimulate market expansion.
CTBC Bank operates two branches in New Delhi and Sriperumbudur, offering services in Mandarin, English, and Hindi.
The commission added that Mega International Commercial Bank and Bank of Taiwan each have a representative office in Mumbai. Taipei Fubon Commercial Bank is also set to open a branch in the city.
As of last year, the bank has established 12 branches worldwide, including in Hong Kong, New York, Tokyo, Ho Chi Minh City, Singapore, and Shanghai. It also operates seven representative offices in Bangkok, Hanoi, Beijing, and Los Angeles.
