Gandhinagar: JPMorgan Chase & Co. has become the first global bank to establish a unit focused on developing derivative products in GIFT City, a report by Business Standard stated.

According to the report, the U.S. bank plans to market its derivative offerings to clients across the Asia-Pacific and European regions, while also supporting products developed from GIFT City. The bank also intends to hire five new employees within the next year to spearhead its operations in this growing financial center.

This new unit will complement JPMorgan’s existing centers in Hong Kong and London.

The report also states that there have been no official comments from either JPMorgan or the International Financial Services Centres Authority, the regulatory body for India’s special economic zones, including GIFT City.

JPMorgan set up its international business unit in GIFT City in 2022. DeshGujarat