JPMorgan UK unit to open branch in Gujarat’s Gift City

FILE PHOTO: JPMorganChase sign at the firm’s headquarters at 270 Park Avenue in the Midtown area of New York City, U.S., September 9, 2025. REUTERS/Shannon Stapleton/File Photo
| Photo Credit:
Shannon Stapleton

A subsidiary of JPMorgan Chase & Co. has announced plans to establish a new branch in Gujarat International Finance Tec-City (GIFT City), positioning itself to conduct equities trading and handle derivative products within India’s emerging low-tax financial hub.

According to a JPMorgan representative, the banking unit will enable trading across equities, derivatives, and related financial instruments. JPMorgan Securities Plc, based in London, secured operational authorization from the International Financial Services Centres Authority (IFSCA), which oversees GIFT City’s regulatory framework.

IFSCA Executive Director Dipesh Shah verified that the license was granted earlier this month. This development adds JPMorgan to a growing list of global financial institutions—including HSBC, Standard Chartered, and Mitsubishi UFJ Financial Group—establishing significant operations in the Gujarat hub.

Over 190 fund management entities, alongside insurance providers, universities, and technology firms, have established a presence in GIFT City since its inception a decade ago. The hub, championed by Prime Minister Narendra Modi, offers competitive benefits such as a 10-year tax exemption to attract global businesses.

JPMorgan previously established a GIFT City unit in 2024 for derivative product development, while its Indian arm opened a branch there in 2022. The latest expansion will allow the bank to serve non-resident clients with international trading services.

GIFT City aims to rival established financial centers like Singapore and Dubai by creating an international hub for trading and lending. As of September 2025, banking assets in the zone exceeded $100 billion—a 41% annual increase—though residential growth remains limited, with most workers commuting from nearby cities like Ahmedabad.

Additional coverage of this story is available through bloomberg.com

January 21, 2026