JPMorgan Seeks to Double GIFT City Business Amid Multinational Interest

JPMorgan Chase & Co. plans 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 GIFT City business currently has a book of close to $1 billion and serves a few hundred clients, according to Max Neukirchen, global co-head of payments at JPMorgan.

JPMorgan opened its GIFT City branch in 2022 and offers loans, risk management, working-capital financing, and investment services, along with fixed-income, commodities, and capital-markets products.

The expansion comes as GIFT City attracts more multinational companies looking to move treasury and cross-border financial operations to the centre. Over 100 multinationals have approached JPMorgan to explore banking and payment solutions for corporate treasury operations over the next 12 to 18 months.