JPMorgan is broadening its product set in India's only international financial hub, GIFT City. Neukirchen said the bank is pushing further into trade finance and foreign exchange, and is adding more liquidity and payments solutions.
"We've been there for four years now and have a few hundred clients there, with the business growing substantially," Neukirchen said. The institution launched its GIFT City branch in 2022. In June, the bank named Amit Roy, previously a senior executive at the firm's London office, as the branch's leader.
People familiar with the business put its current book near $1 billion. The bank declined to comment on the size of its operations.
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From its GIFT City platform, JPMorgan provides loans, risk management, working capital financing and investment services, along with offerings in fixed income, commodities and capital markets.
Prime Minister Narendra Modi's push to create a global financial center includes Gujarat International Finance Tec-City, envisioned as a competitor to Dubai and Hong Kong. To attract international institutions and capital, the area provides tax and regulatory benefits. If JPMorgan doubles its presence as planned, that is a vote of confidence in India's push to host more cross border finance, which can affect where deals are structured and how money moves.
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