HSBC and SBI both acquire stakes in CCIL IFSC
HSBC and SBI (State Bank of India) both have invested Rs.6.125 crore and acquired 6.125% stakes each in CCIL IFSC Ltd. Both did this with the aim of strengthening their presence within India’s premier international financial services, i.e. Gujarat International Finance Tec (GIFT) City,
Investment of HSBC in CCIL IFSC
Recently, the banking major of the world, HSBC made a concrete entry into GIFT City by buying a 6.125% equity stake in CCIL IFSC Limited. This investment which sums to Rs.6.125 crore, signifies the commitment shown by HSBC to the development of market infrastructure in India.
Acquisition of stake in CCIL IFSC by SBI
HSBC’s competitor, State Bank of India (SBI), which is India’s largest public sector bank, also followed the same tactics and purchased 6.125% equity in holding in CCIL IFSC Limited is what was expected. The projects in both states require an equal investment of Rs.6.125 crores.
Building the Coming Future
The establishment of the CCIL IFSC for marketing the IFSC at GIFT City and to construct and function the Foreign Currency Settlement System (FCSS) for the financial market is apparent to lift the financial frame for the financial market of the IFSC. It is expected to be instrumental in a variety of applications to expand more openings and diversify GIFT City further.
Calculated Commitments
Both HSBC and SBI are investing in CCIL IFSC, which is on par with the strategic direction of both banks to foster and promote the Indian market infrastructure. This move complements their existing virtually static roles as investors in structures like National Payments Corporation of India (NPCI) and Clearing Corporation of India Limited (CCIL); thus showing a sincere attempt to fortify India’s financial apparatus.
