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J.P. Morgan announced today that it has inaugurated its International Banking Unit (IBU) in GIFT IFSC, the country’s international financial gateway.
The International Financial Services Centres Authority (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 grow 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 suppliers of physical bullion in the country.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.8 trillion in assets and $286.1 billion in stockholders’ equity as of June 30, 2022. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
J.P. Morgan in India
J.P. Morgan is a leading global financial services firm with presence in India since 1922. The firm has consistently invested in the India business, which has been growing steadily. The lines of business include Investment & Corporate Banking, Markets, Payments and Custody Services. J.P. Morgan is among the country’s leading players in almost all its businesses and primarily caters to the firm’s global clients with business interests in India and local multinationals’ growing their footprint internationally. India is home to the Corporate Center which services J.P. Morgan’s businesses around the world in the areas of operations, technology and research.
Media Contact:
Mollica Senapati
+91 22 6157 5055
mollica.senapati@jpmorgan.com
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