Question
Which bank recently received in-principle approval to
set up an IBU in GIFT City, making it the first UAE-based bank to do so?Solution
Mashreq Bank became the first UAE-based bank to get in-principle approval (IPA) to open an International Financial Services Centre Banking Unit (IBU) in GIFT City, Gujarat. The branch is expected to be operational by Q4 2025, offering services such as foreign currency loans, trade finance, and treasury management. This marks an important development in India-UAE financial cooperation.
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