JPMorgan Chase & Co. plans to double its business at India's GIFT City over the next couple of years, according to Global Co-Head of Payments Max Neukirchen. The Wall Street bank has operated in the financial hub for four years and serves a few hundred clients there, Neukirchen told Bloomberg TV, adding that the business is growing substantially. JPMorgan is expanding into trade finance and forex while adding liquidity and payment solutions, he said. The expansion builds on a business that currently has a book of close to $1 billion, according to people familiar with the matter. JPMorgan opened its GIFT City branch in 2022 and offers loans, risk management, working-capital financing and investments alongside fixed-income, commodities and capital-markets products; in June it appointed Amit Roy, a senior executive from its London office, to head the branch. Gujarat International Finance Tec-City is part of Prime Minister Narendra Modi's push to develop a global financial hub in India that can compete with centers such as Dubai and Hong Kong, offering tax and regulatory incentives to attract international financial institutions and capital.
JPMorgan Chase & CoJPMorgan plans to double its GIFT City business, expanding trade finance, forex, liquidity and payment solutions for its clients there
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