JPMorgan Aims for Doubling Business in India's GIFT City

JPMorgan Chase & Co is planning to double its business in India's GIFT City over the next couple of years. The bank's expansion would build on a current book of close to $1 billion, according to people familiar with the matter.

Speaking to Bloomberg TV, Global Co-Head of Payments Max Neukirchen said, 'We've been there for four years now and have a few hundred clients there, with the business growing substantially.'

JPMorgan is expanding into trade finance and forex, while adding liquidity and payment solutions. The bank offers services including loans, risk management, working-capital financing, and investments.