Introduction:
State-owned Bank of India has announced the acquisition of a 6.125% stake in the recently incorporated CCIL IFSC, located in the GIFT SEZ. This move underscores the bank’s commitment to the growth and development of the International Financial Services Centre (IFSC) in GIFT City.
The announcement was made by Subrat Kumar, Executive Director (International Operations) of Bank of India, during an event celebrating the first anniversary of the bank’s IFSC Banking Unit in GIFT City.
Kumar highlighted the strategic importance of this acquisition, stating, “The acquisition of a 6.125% stake in CCIL IFSC for Rs 6.125 crore showcases our commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider.
Bank of India Acquires 6.125% Stake in CCIL IFSC, Strengthening Commitment to GIFT City IFSC Growth:
Highlights
- Acquisition Details: Bank of India has acquired a 6.125% stake in CCIL IFSC for Rs 6.125 crore.
- Strategic Importance: This acquisition reflects the bank’s strategic commitment to the growth of the IFSC in GIFT City.
- Announcement: The announcement was made by Subrat Kumar, Executive Director (International Operations) of Bank of India, during an event marking the first anniversary of the bank’s IFSC Banking Unit.
About GIFT City IFSC
GIFT City, located in Gujarat, is India’s first operational smart city and international financial services centre.
The IFSC at GIFT City aims to bring back the financial services and transactions that are currently carried out outside India by overseas financial institutions and overseas branches/subsidiaries of Indian financial institutions to India.
Conclusion:
The acquisition by Bank of India is a significant step towards bolstering the capabilities and international reach of GIFT City IFSC. It highlights the bank’s proactive approach in aligning with India’s vision of becoming a global financial hub
. This strategic move is expected to enhance the bank’s operations and contribute to the overall development of GIFT City as a premier international financial services centre.
Frequently Asked Questions FAQ:
1. What is the recent acquisition made by Bank of India?
Bank of India has acquired a 6.125% stake in CCIL IFSC, which is located in the GIFT SEZ.
2. How much did Bank of India invest in this acquisition?
Bank of India invested Rs 6.125 crore to acquire the 6.125% stake in CCIL IFSC.
3. Who announced this acquisition?
The acquisition was announced by Subrat Kumar, Executive Director (International Operations) of Bank of India.
4. When and where was this announcement made?
The announcement was made during an event marking the first anniversary of the bank’s IFSC Banking Unit in GIFT City.
5. What is the significance of this acquisition for Bank of India?
This acquisition reflects Bank of India’s strategic commitment to the growth and development of the GIFT City IFSC, positioning it as a global financial services provider.
6. What is GIFT City IFSC?
GIFT City IFSC (Gujarat International Finance Tec-City International Financial Services Centre) is India’s first operational smart city and international financial services centre. It aims to attract financial services and transactions currently conducted overseas back to India.
7. Why is GIFT City IFSC important?
GIFT City IFSC is important because it is designed to be a global financial hub, bringing financial services and transactions back to India, and enhancing India’s competitiveness in the international financial market.
8. How does this acquisition benefit GIFT City IFSC?
This acquisition by Bank of India is expected to enhance the capabilities and international reach of GIFT City IFSC, contributing to its growth and development as a premier international financial services centre.
9. What does CCIL IFSC stand for?
CCIL IFSC stands for Clearing Corporation of India Limited International Financial Services Centre.
10. How will this acquisition impact Bank of India’s operations?
This strategic move is anticipated to bolster Bank of India’s operations within the IFSC, allowing the bank to leverage new opportunities and expand its international presence.
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