(Bloomberg) — JPMorgan Chase & Co. seeks to double its GIFT City business over the next couple of years as the Wall Street bank steps up investment in India’s only international financial hub, according to Global Co-Head of Payments Max Neukirchen.
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“We’ve been there for four years now and have a few hundred clients there, with the business growing substantially,” Neukirchen told Bloomberg TV. The bank is expanding into trade finance and forex, while adding liquidity and payment solutions, he said.
JPMorgan’s expansion would build on a business that currently has a book of close to $1 billion, said people familiar with the matter, asking not to be identified because the information is private.
A bank spokesperson did not comment on the scale of its operations in the financial center.
JPMorgan, which opened its GIFT City branch in 2022, offers services including loans, risk management, working-capital financing and investments, alongside fixed-income, commodities and capital-markets products. In June, it appointed Amit Roy, a senior executive from its London office, to head the branch.
Gujarat International Finance Tec-City, or GIFT City, is part of Prime Minister Narendra Modi’s push to develop a global financial hub in India that can compete with centers such as Dubai and Hong Kong. The zone offers tax and regulatory incentives aimed at attracting international financial institutions and capital.
https://finance.yahoo.com/economy/policy/articles/jpmorgan-plans-double-india-finance-134226175.html?shem=aimgspc,
