ICICI Bank announced on Wednesday that it has signed a Memorandum of Understanding (MoU) with GIFT SEZ to promote global as well as Indian businesses. As per the MoU, both the organizations will be working jointly to attract global investors and capital market firms to set up operations in GIFT SEZ. They will promote GIFT SEZ among Indian and foreign multi-national companies as the preferred destination for access to cross-border trade finance.
ICICI Bank and GIFT SEZ will coordinate with each other to promote GIFT SEZ as a one-stop destination for wealth management business. The institutions also aim to promote GIFT SEZ as a preferred destination for offering a competitive regime for establishing capital markets business among industry stakeholders including Portfolio Management Services, Alternate Investment Fund, Venture Capital, Private Equity Funds, and Custodians.
MD & Group CEO, GIFT CITY, Tapan Ray said, “With GIFT IFSC making a giant stride in recent times, it is imperative to create synergies with leading financial institutions to take the progress forward. This MoU with ICICI Bank will stimulate participation by global financial institutions and further promote GIFT CITY as a preferred business destination for international financial services and products.”
