JPMorgan plans to double its GIFT City India unit in two years

JPMorgan Chase & Co. plans to double its business in GIFT City over the next two years as it steps up investment in India's only international financial hub, according to Max Neukirchen, the bank's Global Co-Head of Payments.

The Wall Street bank has operated in the hub for four years and currently serves a few hundred clients, Neukirchen told Bloomberg TV. He added that the bank is expanding into trade finance and foreign exchange, while adding liquidity and payment solutions.

The planned expansion would build on an existing book of close to $1 billion, according to people familiar with the matter. A spokesperson for the bank did not comment on the size of its operations in the hub.

JPMorgan opened its branch in Gujarat International Finance Tec-City in 2022. It offers loans, risk management, working-capital financing, investments, fixed income, commodities, and capital-markets products. In June, the bank named Amit Roy, a senior executive from its London office, to lead the branch.

GIFT City is part of an initiative by Indian Prime Minister Narendra Modi to build a financial center competitive with hubs such as Dubai and Hong Kong, supported by targeted tax and regulatory incentives.