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MUFG Receives Approval To Open GIFT Branch In India

The government has rolled out tax incentives, such as a zero withholding tax and a 10 year corporate tax holiday

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MUFG Bank on Thursday announced that it has become the first Japanese bank to obtain approval to open a branch (GIFT Branch) in the Gujarat International Financial Tec-City (GIFT City) from the International Financial Services Centres Authority in India and the Financial Services Agency in Japan. The preparations to open the GIFT Branch will be proceeded.

GIFT City encourages banks and investors to return business currently overseas to India. The government has rolled out tax incentives, such as a zero withholding tax and a 10 year corporate tax holiday, which have led many foreign financial institutions to open offices in GIFT City.

Presently, MUFG Bank has five branches in India (New Delhi, Mumbai, Chennai, Bengaluru and Neemrana), making the GIFT Branch our sixth branch. We will make the most of this network, the largest of any Japanese bank in India, and work to provide even more extensive enriched financial services so as to live up to clients’ needs better than ever before.

Tapan Ray, MD & Group CEO GIFT City, for MUFG Bank said, “The announcement of MUFG Bank becoming the first Japanese bank to open a branch in GIFT City is indeed a positive one. With this important addition, the international banking ecosystem in GIFT City will further strengthen, showcasing the rising significance of GIFT IFSC. We are confident that other Japanese financial institutions would also consider marking their presence in GIFT City.”


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