Gandhinagar — Citi announced the launch of its branch at Gujarat International Finance Tec-City – International Financial Services Center (GIFT-IFSC). Citi will offer corporate clients long- and short-term financing solutions through the IFSC branch, while providing an international financial banking experience within India Standard Time zone. The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions, as well as emerging mid-corporates.
Congratulating Citi on this occasion, Mr. Injeeti Srinivas, Chairman of International Financial Services Centres Authority (IFSCA) said, “I welcome Citi to the IFSC family. We envision IFSC as a truly international platform with the presence of global financial institutions. Commencement of Citi’s operations at IFSC is another step towards realizing this vision.”
“The opening of our IFSC branch is a critical step in our global strategy as we enhance our offerings for corporate clients. Our IFSC branch will improve client experience and turnaround times. We are keenly following the rapid developments being introduced at this dynamic financial center and are excited for the opportunities GIFT-IFSC brings for Citi,” said Ashu Khullar, CEO, Citi India.
Citi launched its operations by booking the first loan for a marquee client, a large global conglomerate, SRF Limited. Mr. Ashish Bharat Ram, MD, SRF Limited expressed his pleasure in being a part of this momentous event with Citi and for their pilot transaction from one of the top Global Financial Centers. Mr. Bharat Ram said “The IFSC, being India’s first global financial services hub, brings with it several new opportunities for large conglomerates like ourselves by simplifying our global treasury activities. Citi has always been at the forefront of innovation and has been a great partner to SRF in many industry and market-first transactions.”
Mr. Rahul Jain, CFO, SRF Limited was highly appreciative of the swiftness with which the maiden foreign currency transaction was completed with Citi. Mr. Jain said “Citi continues to pave the way in seamlessly executing complex and innovative trades across the corporate landscape in India. We are looking forward to the positive impact that IFSC will create in the Indian banking ecosystem.”
The branch at GIFT-IFSC will bring Citi’s global and Indian clients that have cross-border needs solutions such as structured trade, corporate financing, and acquisition financing.