JPMorgan Expands Gujarat Business Amid GIFT City Growth

JPMorgan Chase & Co. is set to double its business at Gujarat's GIFT City over the next couple of years, expanding its operations in trade finance, foreign exchange, liquidity, and payments.

The bank's current book of around $1 billion serves a few hundred clients, according to Max Neukirchen, global co-head of payments at JPMorgan.

This expansion will build on the bank's existing operations at the International Financial Services Centre. The bank opened its GIFT City branch in 2022 and offers various services, including loans, risk management, working-capital financing, and investment services.

JPMorgan's move comes as GIFT City attracts more multinational companies looking to move treasury and cross-border financial operations to the centre. The bank recently said over 100 multinationals had approached them to explore banking and payment solutions for corporate treasury operations.