J.P. Morgan Opens New Branch in India's GIFT IFSC, Initially Offering FX Derivatives

J.P. Morgan announced today that it has inaugurated its International Banking Unit (IBU) in GIFT IFSC, Gujarat's international financial gateway.

The International Financial Services Centres Authoritiy (IFSCA) announced the launch in the presence of Prime Minister Narendra Modi, Union finance minister Nirmala Sitharaman, Chief Minister of Gujarat Bhupendra Patel, Union ministers of state (finance) Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad.

J.P. Morgan has been doing business in India for over 75 years and the newly established IBU will enable the firm to further deepen its footprint to facilitate cross-border flows by offering comprehensive fixed income, FX, commodities, debt and capital market solutions to its offshore and onshore clients.

"This is a significant milestone for our franchise as we continue to grow with India," said Madhav Kalyan, MD & CEO, JPMorgan Chase Bank India and Senior Country Officer, India. "Cross-location and cross-border activity among our clients is increasing and GIFT IFSC is uniquely positioned to act as India's international financial gateway. It will provide us with the opportunity to offer a wider range of products for our clients as they continue to growth their businesses."

The new branch will initially offer FX derivatives and gradually scale up to serve the increasingly sophisticated financial requirements of J.P. Morgan's clients within the regulatory framework of IFSCA.

In addition, on the day of the launch, J.P. Morgan supplied physical gold to its client for the inaugural transaction on India International Bullion Exchange IFSC. The bank is amongst the largest supplier of physical bullion in the country.