JPMorgan Aims to Double GIFT City Business Amid Multinational Treasury Surge

JPMorgan Chase & Co. is planning to double its business at Gujarat International Finance Tec-City (GIFT City) over the next couple of years, as the bank expands its operations in trade finance, foreign exchange, liquidity management, and payments.

The bank's GIFT City business currently has a book of close to USD 1 billion and serves a few hundred clients. JPMorgan opened its branch at the International Financial Services Centre (IFSC) in 2022 and has since expanded its suite of banking and financial services.

Amit Roy, a senior executive from JPMorgan's London office, was appointed to head the branch in June. The expansion comes as more multinational companies explore GIFT City for treasury and cross-border financial activities.