Source: BL
Context:
Paris-based Societe Generale has launched a new IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City), Gujarat, to enhance its financial services for Indian clients.
About the Societe Generale IBU:
- Purpose: Strengthen the bank’s ability to deliver innovative and tailored structured finance solutions.
- Leadership: Headed by Mihir Baxi, who will also continue as Director, Corporate Coverage, Societe Generale India.
- Focus Sectors: Investment-intensive sectors including:
- Renewable energy
- Roads and transportation infrastructure
- Transmission infrastructure
- Data centres
- Technology and telecommunications
About GIFT City:
- Location & Purpose: India’s first operational International Financial Services Centre (IFSC) in Gandhinagar, Gujarat; aims to be a global financial hub.
- Regulatory Authority: Governed by International Financial Services Centres Authority (IFSCA) with liberalized rules for cross-border financial transactions.
- Core Activities: Banking, insurance, capital markets (stocks, bonds, derivatives), fund management, forex, and bullion trading.
- Infrastructure & Incentives: High-tech offices, smart city facilities, tax benefits, and world-class financial ecosystem.
