JPMorgan Targets Double Growth at GIFT City in India

JPMorgan Chase & Co. is targeting significant growth in its business at GIFT City, India's international financial hub. The bank aims to double its business over the next couple of years by expanding trade finance, foreign exchange, liquidity, and payment services.

The bank has already seen strong growth in GIFT City, with a current book size of nearly $1 billion. Max Neukirchen, Global Co-Head of Payments at JPMorgan, stated that the business is growing substantially.

JPMorgan opened its GIFT City branch in 2022 and provides various services, including loans, risk management, working-capital financing, and investment services. The bank has also appointed Amit Roy to lead the branch, a senior executive from its London office.