This year, GIFT City welcomed a new member. One of the biggest privately held Taiwanese banks, CTBC Bank, has applied to the IFSCA to open an IFSC Banking Unit (IBU) in GIFT City. Along with other prominent banking leaders from France and the United Arab Emirates, this application was submitted.
CTBC Bank has recently applied to the International Financial Services Centres Authority (IFSCA) to take up more than 3,100 square feet of space in the renowned Brigade Towers, which are located in the vibrant GIFT SEZ (Special Economic Zone). With its first branch in New Delhi in 1996, CTBC Bank began operations in India and is now well-positioned to expand its presence in the country.
Top Corporate Companies in Gift City, Gandhinagar
In a major step, Taiwan's Financial Supervisory Commission officially approved CTBC Bank's plan to open a new branch in the rapidly developing GIFT City in January 2025, strengthening the bank's ties to the Indian market.
In the thriving Gujarat International Finance Tec-City (GIFT City), CTBC Bank is not the only Taiwanese financial institution considering growth. Taiwanese authorities formally approved Taipei Fubon Bank's plan to open an International Banking Unit (IBU) in GIFT City earlier this month. This new branch is well-positioned to be an essential resource for Taiwanese companies and regional businesses across South Asia, in addition to being a strategic entry point into the sizable Indian market.
Gujarat CM Inaugurates AI Centre of Excellence at GIFT City
The impressive growth seen in industries like electronics and semiconductors may be a major factor in the influx of Taiwanese banks establishing IBUs in this thriving financial centre, according to a senior official from the International Financial Services Centre Authority (IFSCA).
Mashreq Bank was the first bank in the United Arab Emirates to be granted in-principle approval to open an IBU in GIFT City earlier this month. The bank will provide services like trade finance solutions, foreign currency loans, and treasury and risk management products. First Abu Dhabi Bank, another bank from the Middle East, has also formally applied to open an IBU in GIFT City.
In October 2015, Yes Bank became the first bank to open an IBU in GIFT City. Investments, trade finance, business and personal loans, and interbank placements make up the approximately $88.5 billion total asset base of IBUs in GIFT City as of March 2025.
Over the last three years, GIFT City's IBU count has more than doubled, from 15 in March 2022 to 29 by the end of March 2025. The number of IBUs has now reached 31 following the recent approvals of Crédit Agricole Corporate and Investment Bank and Natixis.
In GIFT City, a number of early entrants have also increased their operations. To accommodate its expanding operations, Standard Chartered Bank, the first foreign bank to open an IBU, for example, relocated to a larger office in April 2025. Similar to this, domestic banks like Axis Bank have increased their footprint in GIFT IFSC, relocating to offices that are three times larger as of November 2024.
GIFT City - An Emerging Global Financial Powerhouse
Due to increased international interest and a growing corporate presence, the GIFT City real estate market is expanding significantly. With a range of developments ranging from high-end office buildings to mixed-use projects, the area is developing into a contemporary urban centre.
RES Management is keeping a close eye on these developments and helping clients navigate GIFT City's business and real estate landscape.
GIFT City's rise to prominence as a financial and technological centre is further supported by the recent arrival of CTBC Bank. The city is a desirable location for banks, insurance companies, asset managers, and fintech startups due to its business-friendly atmosphere and global legal and regulatory frameworks.
Bottom Line
The inauguration of a new CTBC Bank unit in GIFT City marks not just a mere expansion but a pivotal stride in the realm of Indo-Taiwan financial collaboration. As India solidifies its stature on the global financial stage, GIFT City is rapidly emerging as a magnet for elite financial institutions, fostering connectivity between economies and paving the way for a myriad of new opportunities.
For investors, corporations, and entrepreneurs eager to delve into the potential of GIFT City, partnering with RES Management ensures a wealth of expert guidance and comprehensive support throughout your journey.
