Crédit Agricole CIB has launched an IFSC Banking Unit ( IBU ) at the Gujarat International Finance Tec-City ( GIFT City ), closing a series of successful transactions since opening the branch in July. Part of the bank’s growth strategy for India, the IBU will further strengthen its local footprint and capabilities through a comprehensive global-to-local approach.

As India's first smart city, GIFT City features a cutting-edge International Financial Services Centre ( IFSC ) providing foreign businesses with access to both offshore and onshore financial services within a special economic zone framework.

Leveraging this world-class infrastructure and business-friendly environment, the new branch will serve a global clientele, encompassing local businesses and foreign firms based outside of India, with enhanced product offerings for foreign currency-denominated activities. Crédit Agricole CIB will progressively expand its product suite, including loans, project finance, alongside trade, and supply chain finance. Cash and liquidity management and non-deliverable-forward products are expected to be introduced in the near future.

Crédit Agricole CIB’s strategy is based on “shared ambitions” between the bank and India. By seizing opportunities from the country’s booming business momentum, particularly in net-zero-driven activities, the bank aims to strengthen its foothold to drive future growth. In 2024, the bank made a capital injection into its local franchise, doubling its registered business capital, to ramp up its support and lending capacity to clients. It is also significantly reinforcing its local Global Capacity Centre ( GCC ), drawing on India's growing and sophisticated pool of tech talents. With the opening of the new branch, Crédit Agricole CIB’s network in India has expanded to six branches: Mumbai ( head office ), Bengaluru, Chennai, New Delhi, Pune, and now GIFT City.

“This growth strategy aligns with India’s aspirations to become a global financial hub, a major sustainability contributor, and the national “Make in India” initiative,” says Franck Passillier, senior country officer for India at Crédit Agricole CIB. “It will enable us to better serve our diversified global client base with enhanced strategic solutions as cross-border momentum continues to increase. The branch represents an important milestone in strengthening our international banking capabilities and our key player position in the global financial services landscape.”