JPMorgan Expands GIFT City Presence, Sees Long-Term Growth in India

JPMorgan Chase & Co. is planning to double its business at Gujarat International Finance Tec-City (GIFT City) in India over the next couple of years, highlighting the growing importance of India to the bank's international expansion strategy.

The bank has been operating its GIFT City branch since 2022 and currently serves a few hundred clients. JPMorgan is expanding its offering beyond trade finance and foreign exchange by adding liquidity and payment solutions. The current business book at GIFT City is close to $1 billion, according to people familiar with the matter.

As part of its expansion plans, JPMorgan will offer loans, risk management, working-capital, and investment solutions to India-based and international clients, including overseas subsidiaries of Indian companies, multinational corporations, and multilateral agencies.