JP Morgan Eyes Double Business in India's GIFT City

JPMorgan is expanding its presence in GIFT City, India's only international financial hub. The bank aims to double its business in the next couple of years.

JPMorgan's current footprint in GIFT City has been substantial, with a few hundred clients and a growing business since it launched its branch there in 2022. Its current book is reportedly near $1 billion, according to people familiar with the business.

The bank is broadening its product set in GIFT City by pushing further into trade finance and foreign exchange, as well as adding more liquidity and payments solutions. JPMorgan's expansion plans are seen as a vote of confidence in India's push to host more cross-border finance, which can affect where deals are structured and how money moves.