Search
Close this search box.

JP Morgan eyeing Indian expansion

India
Uncategorized
Expansion

(27 October 2015 – India) The largest bank in the U.S., JP Morgan Chase, has sought out branch licenses in India to add to its wholesale banking operations.

The bank is in discussions with the Reserve Bank of India (RBI) over permits for centres to support corporate client services including cash management, foreign-currency payments and trade finance.

Its first and only Indian wholesale branch was established in Mumbai in 1994.

“We’re servicing our clients out of India from Mumbai, but we’re looking at other centres where our target-market clients are in those centres,” said Muhammad Aurangzeb, Asia Pacific chief executive officer of JPMorgan’s global corporate bank unit.

“We’re following our clients’ priorities and India is still coming up in a big way,” he said.

However, the bank must comply with an RBI rule demanding foreign banks with 20 branches or less to extend 32 percent (increased to 40 percent by 2020) of all on-shore lending to the so-called “priority sector”, which includes farmers and smaller businesses.

Connect
with East

At East & Partners we work together as one firm to serve our clients wherever they need us.

Our collective knowledge and experience across globalĀ  markets helps us guide clients on the intricacies of each region while enabling cohesion across their global footprint. Apples with apples and pears with pears in complex and demanding financial services markets
globally.

Lookup
subscribe
This field is for validation purposes and should be left unchanged.