From The Economic Times · ET Online · · 1m 10s
JPMorgan to double GIFT City business with $1 billion expansion
JPMorgan Chase doubles GIFT City operations as $1 billion trade finance book grows
In brief
JPMorgan Chase doubles GIFT City operations as $1 billion trade finance book grows JPMorgan Chase plans to double its business at Gujarat's GIFT City by expanding trade finance, foreign exchange, and payments services to over 100 multinational clients. Originally reported by The Economic Times.
JPMorgan expands GIFT City operations
JPMorgan Chase plans to double its business at Gujarat's GIFT City over the next couple of years through trade finance, foreign exchange, and payments services.
“We've been there for four years now and have a few hundred clients there, with the business growing substantially”
GIFT City attracts MNC treasury services
Over 100 multinational companies are exploring GIFT City for corporate treasury operations and cross-border financial services.
“Treasury centers are a major theme for GIFT City, and the ability to offer foreign-currency accounts alongside rupee capabilities provides an additional tailwind”
JPMorgan's GIFT City branch
JPMorgan opened its GIFT City branch in 2022, offering loans, risk management, and investment services to corporate clients.
“We've been there for four years now and have a few hundred clients there, with the business growing substantially”
GIFT City banking assets grow
GIFT City banking assets reached $111 billion as of March 2026, with over 1,500 entities and 27,000 professionals.
“Significant internal evaluation is underway at corporates, particularly among multinational firms”
JPMorgan's India strategy
JPMorgan Chase CEO Jamie Dimon sees India's strong economic growth potential but highlights tax and regulatory challenges for foreign investors.
“At 7.8%, India is probably the fastest-growing economy on the planet. I think it's got great prospects.”
JPMorgan's expansion plans
JPMorgan plans to expand its operations in trade finance, foreign exchange, and payments to serve more multinational clients in GIFT City.
“You often get complaints from investors on taxes and inconsistency in the application of rules. Those should be fixed to strengthen investments here”
At a glance
JPMorgan Chase plans to double its business at Gujarat's GIFT City by expanding trade finance, foreign exchange, and payments services to over 100 multinational clients.
