India, August 17, 2022 – MUFG Bank (MUFG) today announced the opening and start of operations at its GIFT Branch in the Gujarat International Finance Tec-City (GIFT City) in Gujarat, India. As previously announced, MUFG has obtained approval from the International Financial Services Centres Authority in India and the Financial Services Agency of Japan for the opening of this branch office.
Since establishing MUFG India’s first branch in 1953 in Mumbai, MUFG has long established a reputation as a trusted partner of global, Japanese and local corporates in India. With the opening of GIFT Branch, MUFG’s office network in India has expanded to a network of six branches – in New Delhi, Mumbai, Chennai, Bengaluru, Neemrana, and now GIFT City. MUFG has the largest network for a Japanese bank in the country. 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.
Mr. Shashank Joshi, Deputy CEO of India said, “We are extremely proud to launch our GIFT Branch at such an important turning point in India’s history, when the country is marking 75 years of independence and also the 70th anniversary of Japan – India relations. India’s growth story has been phenomenal, and MUFG is honoured to be recognised by Indian Prime Minister Shri Narendra Modi to be 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, while harnessing our capabilities and relationships to facilitate greater business collaboration and synergies between the country and Japan.”
Outline of the GIFT Branch
|Branch Name||MUFG Bank, Ltd. GIFT Branch|
|Address||Unit no. 604, 6th floor, Brigade International Financial Center (BIFC), GIFT SEZ Zone 1 GIFT City, Gandhinagar Gujarat, India 382355|
|Business description||Foreign currency-denominated lending business
(Business will be expanded in the future)