JPMorgan Chase & Co.’s UK-based operations are set to open a dedicated financial services branch in Gujarat International Finance Tec-City (GIFT City), marking a significant step in the firm’s global footprint expansion. The move underscores growing confidence in India’s financial infrastructure and regulatory environment.
- JPMorgan Chase UK unit to open branch in GIFT City, Ahmedabad, starting Q3 2026
- Full banking license from RBI enables foreign exchange, corporate lending, trade finance
- Initial staff: 120, target: 300 by 2028
- Part of $300M+ tech and infrastructure investment by JPMorgan in India since 2019
- GIFT City now hosts 78 foreign financial institutions, $14B AUM as of 2025
- India’s FDI in financial services reached $6.2B in FY2025
JPMorgan Chase’s United Kingdom subsidiary will establish a new branch within the Gujarat International Finance Tec-City (GIFT City), a special economic zone located in the outskirts of Ahmedabad, Gujarat. The facility, expected to launch in Q3 2026, will serve as a regional hub for cross-border capital markets, trade finance, and treasury services for clients across Asia, the Middle East, and Europe. The branch will operate under a full banking license granted by India’s Reserve Bank of India, enabling it to conduct a broad range of financial activities, including foreign exchange transactions and corporate lending. The initiative reflects JPMorgan’s growing commitment to India, where it has already invested over $300 million in technology and infrastructure since 2019. The GIFT City location offers a tax-efficient environment, 24/7 operational access to international markets, and a regulatory sandbox designed to support financial innovation. The new branch will initially employ 120 professionals, with plans to scale to 300 staff by 2028. It will also integrate with JPMorgan’s global payments network, enhancing liquidity flows between Indian corporates and international markets. India’s finance ministry has reported that GIFT City has attracted over 78 foreign financial institutions since its inception in 2010, with assets under management exceeding $14 billion in 2025. The addition of JPMorgan’s UK unit raises the number of global investment banks with a physical presence in the zone to 14, reinforcing GIFT City’s status as a Tier-1 offshore financial center. The move is expected to boost India’s foreign direct investment (FDI) inflows into the financial services sector, which reached $6.2 billion in FY2025. Market participants, including Indian corporates and regional investment funds, stand to benefit from improved access to global capital, enhanced trade financing options, and real-time settlement capabilities. The expansion may also encourage other international banks with UK operations to consider similar moves, especially given India’s projected 7.3% GDP growth in FY2026.