British lender Standard Chartered Bank’s local unit has started operations from the International Financial Services Centre, becoming the first global bank to commence operations from the special economic zone in Gandhinagar.
Presence at the newly built IFSC GIFT City can help the lender expand its business in trade, lending, financial market transactions and other structured products.
The bank participated in non-deliverable derivative products and successfully closed multiple non-deliverable forward (NDF) and non-deliverable option (NDO) deals with several private sector banks and a corporate amounting to a volume of more than USD 100 million on the first day itself.
