JPMorgan to Double Business at GIFT City Amid MNC Treasury Surge
JPMorgan Chase 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 current book at GIFT City is around $1 billion, serving a few hundred clients. Max Neukirchen, global co-head of payments at JPMorgan, noted that the business has been growing substantially since the bank opened its branch in 2022.
JPMorgan will build on its existing operations at the International Financial Services Centre. The expansion comes as GIFT City attracts more multinational companies looking to move treasury and cross-border financial operations there.
JPMorgan's expansion is part of a broader trend, with over 100 multinationals approaching the bank to explore banking and payment solutions for corporate treasury operations in the next 12-18 months. Treasury centers are a major theme for GIFT City, providing foreign-currency accounts alongside rupee capabilities.