JPMorgan to Double GIFT City Business in Two Years, Targets $2 Billion

JPMorgan Chase & Co. (NYSE: JPM) plans to double its business at India's GIFT City financial hub within two years, Global Co-Head of Payments Max Neukirchen said on September 22, 2026, expanding into trade finance and foreign exchange. The GIFT City operation, opened in 2022, currently holds a book of close to $1 billion with a few hundred clients, according to people familiar with the matter who requested anonymity. Neukirchen said the bank is adding liquidity and payment solutions to its existing offerings, which include loans, risk management, working-capital financing, and fixed-income and commodities products. JPMorgan named Amit Roy, a senior executive from its London office, to head the branch in June. GIFT City is part of Prime Minister Narendra Modi's push to establish a global financial hub in India, offering tax and regulatory incentives to compete with Dubai and Hong Kong.