Taipei Fubon Commercial Bank Co (台北富邦銀行), the banking arm of Fubon Financial Holding Co (富邦金控), has secured Financial Supervisory Commission (FSC) approval to open a branch in the Gujarat International Finance Tec-City (Gift City), a business center in western India.
The bank on Tuesday said that it canceled a plan to set up a branch in Mumbai and is eyeing Gift City, believing that the location would allow it to be more effective in serving businesses in the South Asian country.
On its Web site, Gift City says it is a global financial and technology hub that offers single-window clearances and approvals, and provides plug-and-play infrastructure for businesses hoping for fast growth.
Photo: An Rong Xu, Bloomberg
Banking Bureau Deputy Director-General Hou Li-yang (侯立洋) said India’s government has pledged preferential tax measures to encourage enterprises to go to Gift City, leading Taipei Fubon Bank to scrap its Mumbai plan and set up its first Indian branch in Gujarat.
The shift to Gift City from Mumbai was due in part to the city’s focus on international finance and technological innovation, which should help the branch strengthen its competitiveness, and take advantage of India’s population dividend and economic growth, the bank said.
The bank’s plan to open a branch in Gift City still has to receive approval from authorities in India before it can proceed.
Prior to Taipei Fubon Bank, CTBC Bank Co (中信銀行), the flagship banking subsidiary of CTBC Financial Holding Co (中信金控), obtained the green light from the FSC in January to open a branch in Gift City, but the bank has not moved in yet.
CTBC Bank has two branches in India — one in New Delhi and the other in Kattupakkam — while Bank of Taiwan Co (臺灣銀行) and Mega International Commercial Bank Co (兆豐銀行) each have a representative office in Mumbai, Hou said.
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