Deutsche Bank will set up its IFSC banking unit at India's first global financial centre in Gujarat. The bank has received approval from the GIFT SEZ Authority to set up an IFSC banking unit at India's first International Financial Services Centre (IFSC) at GIFT City, Gujarat, a release said on Thursday.

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The leading German bank with strong European roots has a global network across 59 countries. This will serve as a primer for renowned banks from other geographies to consider GIFT City a viable destination for international financial services, said Tapan Ray, MD & Group CEO, GIFT City.

"Progressive banking regulations in GIFT IFSC provide new business opportunities in several areas for foreign banks such as FPI Business, Non-Deliverable Forwards (NDF), Aircraft leasing- financing, and upcoming framework to enable international bullion exchange operations from GIFT IFSC," he said. Deutsche Bank is among the largest international banks in India.

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It had set up its first branch in the country in Mumbai more than 40 years ago. "With borders between global financial centres increasingly blurring, establishing a presence at the IFSC in GIFT City was the next logical step for us as we seek to support the growth aspirations of our clients.

The banking unit will allow us to expand the services available to our clients to smoothly carry out international business transactions, particularly in the areas of financing, trade and currencies," said Kaushik Shaparia, CEO, Deutsche Bank India. Deutsche Bank has deployed capital over Rs 19,000 crore in its India branch operations. The foreign lender currently employs more than 18,000 people across its various entities in the country, the release said.

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Set up in 2015, International Financial Services Centre in GIFT City has attracted international and domestic players across the financial services spectrum, such as banks, asset management companies, alternate investment funds and professional services firms. Banking transactions at the GIFT IFSC crossed USD 100 billion value by the end of July 2021, the release added.