JPMorgan Securities Unit to Set Up Branch in India Financial Hub

By Megan Cheah

A London-based unit of JPMorgan Chase has received a license to set up a branch in a special jurisdiction of Gujarat, India, as more global lenders build a presence in the financial hub.

India's Gujarat International Finance Tec-City, known as GIFT, was designed to be a magnet for banks, securities firms and IT companies, offering tax breaks and other incentives to bring in more capital into the country and promote cross-border financial services.

JPMorgan Securities PLC received the license from the International Financial Services Center Authority, GIFT City's regulator, a spokesperson told Dow Jones Newswires on Wednesday.

"The ??branch will facilitate the trading of equities, derivatives and other financial instruments," the spokesperson added.

JPMorgan inaugurated its international banking unit in GIFT City in 2022, and other major banks have also taken advantage of the hub's perks.

HSBC started operating in the specialized jurisdiction in January 2021. Last year, it expanded its presence there with new office premises, the lender said in a press release.

Standard Chartered similarly upgraded to larger office premises in the hub in 2025 after having been there for a few years.

Barclays established an international banking unit in GIFT City in 2021, while a banking unit of Japan's Mitsubishi UFJ Financial Group opened a branch there in 2022.

Write to Megan Cheah at [e-mail]

(END) Dow Jones Newswires

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