JPMorgan to double GIFT biz as $1B book expands
JPMorgan Chase & Co. has announced plans to double its business in Gujarat's GIFT City over the next few years, as the financial center continues to attract multinational corporations. The bank's GIFT City operations currently have a book of assets valued at nearly $1 billion and serve around 300 clients, according to sources familiar with the matter.
JPMorgan's expansion will build upon its existing operations at the International Financial Services Centre, which opened its GIFT City branch in 2022. The bank now offers a range of services including loans, risk management, working-capital financing, investment products, and various fixed-income, commodities, and capital-markets offerings. In June, JPMorgan appointed Amit Roy, a senior executive from its London office, to head the GIFT City branch.
The bank's expansion comes as GIFT City sees an increasing number of multinational companies seeking to establish treasury and cross-border financial operations in the region. In July, JPMorgan revealed that over 100 multinationals had approached the bank to explore banking and payment solutions for their corporate treasury operations over the next 12 to 18 months, including insurance and fintech firms.
GIFT City's financial ecosystem has grown significantly, with banking assets reaching $111 billion as of March 2026, according to ETBFSI data. The financial hub now hosts more than 1,500 entities and employs approximately 27,000 professionals. JPMorgan provides various services to companies operating in the center for treasury operations, such as physical pooling, cash concentration, and notional pooling.
JPMorgan's GIFT City expansion aligns with the bank's broader strategy in India. JPMorgan Chase CEO Jamie Dimon recently stated that India's economy is growing rapidly, at 7.8%, making it one of the fastest-growing economies globally. However, Dimon also highlighted the need for improvements in regulations, consistent taxation, and policy consistency to further strengthen investment prospects in India.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
