JP Morgan gets nod for three new branches in India

Image: Reinhard Krause/ Reuters

JPMorgan Chase & Co has won the approval from the Reserve Bank of India, to open three additional branches in the country.

It will now offer its services in the capital New Delhi, and in the southern cities of Bengaluru and Chennai, the financial services company said in a statement on Friday.  

JPMorgan currently serves its banking clients from its Mumbai branch. The company said its existing products and services will also be offered through the new branches, which are expected to open in the next few months. These include cash management, trade finance and foreign-currency payments.

“This is another significant milestone for growing our Indian franchise and deepening our banking footprint,” Kalpana Morparia, CEO, South & South East Asia, JPMorgan, said in the statement.  

“Our strategy is to follow our clients’ priorities. The expansion endorses our long-term commitment to India, a key market for JPMorgan, as well as for many of our clients,” she added.

The company’s latest move comes at a time when a number of foreign banks are staying away or downsizing some of their operations in India. Over the years, these have included Deutsche Bank, Barclays, UBS, HSBC and the Royal Bank of Scotland.

JP Morgan’s presence in India dates back to 1922, when JP Morgan & Co in New York and its London affiliate, Morgan Grenfell, took an ownership interest in the merchant banking firm in Kolkata. Since 2008, J. P. Morgan has helped raise more than US$20 billion for Indian corporations through domestic and international offerings, according to the company’s website.