# JPMorgan to double GIFT City business with $1 billion expansion

> JPMorgan Chase doubles GIFT City operations as $1 billion trade finance book grows
- Title: JPMorgan to double GIFT City business with $1 billion…
- Summary: 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…
- Keywords: jpmorgan, gift city, gurugram, trade finance, foreign exchange, multinational companies, jpmorgan chase, india, nfl, billion, banking, payments
- Source: The Economic Times — https://economictimes.indiatimes.com/industry/banking/finance/jpmorgan-to-double-gift-city-business-as-1-billion-book-expands/articleshow/134426089.cms
- Author: ET Online
- Published: 2026-09-23T04:57:00+00:00
- Read time: 1 min
- Topics: jpmorgan, gift city, gurugram, trade finance, foreign exchange, multinational companies, jpmorgan chase, india, nfl, billion, banking, payments
## 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
## Key takeaway

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.