ANZ Group Holdings eyes expansion into India’s GIFT special economic zone

According to reports ANZ Group Holdings Ltd. is contemplating establishing an operation within India’s GIFT International Financial Services Centre.

The multinational bank has reportedly submitted an application to the International Financial Services Centres Authority for a license. While the information remains confidential, approval is anticipated in the coming months following a thorough due diligence process.

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It is believed that ANZ will use this proposed operation to serve its existing global customer basis. More specifically, the bank will target companies seeking to execute dollar funding transactions.

Situated within the GIFT special economic zone, the new venture aligns with India’s efforts to develop GIFT City, aiming to position it as a prominent financial hub comparable to Singapore and Dubai.