Federal Bank branch at Gujarat’s Gift

Federal Bank has signed a memorandum of understanding (MoU) with the authorities of GiftCcity.



By Mahesh Trivedi

Published: Mon 29 Jun 2015, 11:48 AM

Last updated: Wed 8 Jul 2015, 2:47 PM

Kerala-based private banker Federal Bank has joined India’s top lenders by deciding to set up a centre for foreign currency transactions at the country’s first international financial services centre in at Gujarat International Finance Tec-City (Gift) coming up near here.

Federal Bank, which recently received the go-ahead from the Reserve Bank of India for setting up a representative office in Dubai, has signed a memorandum of understanding (MoU) with the authorities of
GiftCcity. 

The bank, which has a business of more than Rs1,220 billion, has posted a rise of 1.17 per cent in its net profit
at Rs2.8 billion for the quarter ended March 31, 2015, compared to Rs2.77 billion for the same quarter in the
previous year.


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