Japanese lender MUFG Bank on Wednesday announced the beginning of operations from Gujarat International Finance Tec-City (GIFT City) in India.
Earlier in May, MUFG had received approval from the International Financial Services Centres Authority in India and the Financial Services Agency of Japan for the opening of this branch office in Gujarat.
MUFG opened its first branch in 1953 in Mumbai and with the latest one at GIFT City, its total number of branches reached six. The other centres are New Delhi, Chennai, Bengaluru and Neemrana.
Going forward, the bank will strive to further leverage its enhanced office footprint to provide an even more extensive and enriched suite of financial services to meet the diverse needs of its customers, MUFG said in a release.
Stating that India’s growth story is phenomenal, Shashank Joshi, Deputy CEO of India, expressed gratitude on being recognised by Prime Minister Narendra Modi as the first Japanese bank to open a branch in GIFT City.
“We are fully committed to leveraging our presence in GIFT City to contribute to India’s vision of being a gateway to the world,” Joshi said.
He said the bank will harness its capabilities and relationships to facilitate greater business collaboration and synergies between India and Japan.
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