JPMorgan Looks to Double GIFT City Operations as Business Nears $1 Billion
What Happened
JPMorgan Chase plans to double its business in Gujarat's GIFT City over the next few years, expanding services in trade finance, foreign exchange, liquidity and payments. The bank's business in the financial hub has grown to nearly $1 billion and serves a few hundred clients.
Key Takeaways
The expansion is another vote of confidence in GIFT City's emergence as an international financial centre, with growing interest from multinational companies looking to manage treasury and cross-border operations from India.