JPMorgan to double GIFT City business as $1 billion book expands

JPMorgan Chase & Co. plans to double its business at Gujarat's GIFT City over the next couple of years, as the Wall Street bank expands its operations in trade finance, foreign exchange, liquidity and payments. The bank's GIFT City business currently has a book of close to $1 billion and serves a few hundred clients, according to people familiar with the matter and Max Neukirchen, global co-head of payments at JPMorgan.

“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 expansion will build on JPMorgan's existing operations at the International Financial Services Centre. The bank opened its GIFT City branch in 2022 and offers loans, risk management, working-capital financing and investment services, along with fixed-income, commodities and capital-markets products. It appointed Amit Roy, a senior executive from its London office, to head the branch in June.


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GIFT City draws MNC treasury business

JPMorgan's expansion comes as GIFT City attracts more multinational companies looking to move treasury and cross-border financial operations to the centre.

In July, JPMorgan said more than 100 multinationals had approached the bank to explore banking and payment solutions for corporate treasury operations over the next 12 to 18 months. The companies include insurance and fintech firms.

“Treasury centers are a major theme for GIFT City, and the ability to offer foreign-currency accounts alongside rupee capabilities provides an additional tailwind,” Guhaprasath Rajagopal, managing director and head of payments at JPMorgan India, had said in an interview cited by Bloomberg.

Also Read: JPMorgan says 100+ MNCs are exploring GIFT City operations

Rajagopal also said: “Significant internal evaluation is underway at corporates, particularly among multinational firms.”

JPMorgan provides services including physical pooling, cash concentration and notional pooling to companies using the centre for treasury operations.

GIFT City banking assets cross $110 billion

The expansion comes as the scale of GIFT City's financial ecosystem has increased.

Banking assets at GIFT City IFSC stood at $111 billion as of March 2026, according to data cited by ETBFSI. The financial hub had more than 1,500 entities and a workforce of about 27,000 professionals at the time.

Loans and advances by global and regional corporate treasury centres operating from GIFT City stood at $5.61 billion as of March 2026, the same report said.

The banking ecosystem has also expanded. As of February 2026, 37 banks were operating in GIFT IFSC, including 20 foreign banks and 17 domestic banks, according to an ETBFSI report citing GIFT City data.

Dimon flags India investment opportunity

JPMorgan's GIFT City expansion comes alongside the bank's wider India strategy.

In an interview with ET, JPMorgan Chase CEO Jamie Dimon said India's economic prospects remained strong while pointing to concerns around taxation and the application of rules.

“At 7.8%, India is probably the fastest-growing economy on the planet. I think it's got great prospects. It's done a lot of things over the years that have made the economy better. There are always things you can do to make it better, particularly around regulations, consistent taxing and consistent policies. My view is it's going to have a pretty bright future.”

On foreign investor concerns, Dimon said: “You often get complaints from investors on taxes and inconsistency in the application of rules. Those should be fixed to strengthen investments here.”

He also said JPMorgan would continue to expand in Asia.

“JPMorganChase has grown considerably in Asia and we will continue to do so. We look at every country's rules, regulations, central bank, its schools, its commodities for example. We try to understand its strengths and weaknesses, and each country has its own growth prospects,” Dimon said.