J.P. Morgan has welcomed the inauguration of its International Banking Unit (IBU) in Gujarat International Finance Tech-city (GIFT) International Financial Services Centre (IFSC).
The newly established IBU will enable the firm to deepen its footprint to facilitate cross-border flows by offering fixed income, foreign-exchange (FX), commodities, debt and capital market solutions to its offshore and onshore clients.
The branch will initially offer FX derivatives and gradually scale up to serve the financial requirements of J.P. Morgan’s clients within the regulatory framework of the International Financial Services Centres Authority (IFSCA).
Madhav Kalyan, managing director and CEO at J.P. Morgan Chase Bank India, and senior country officer, India, says: “This is a significant milestone for our franchise as we continue to grow with 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.”
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