Press Release
J.P. Morgan announced today that it has received in principle approval from the Reserve Bank of India to open a new branch in Pune. This marks an important step in strengthening J.P. Morgan’s presence in India, enabling it to provide enhanced banking services to its local and multinational clients.
“We are very pleased to receive this approval, which represents another significant milestone in deepening our footprint and growing our business in India” said Sjoerd Leenart, CEO, Asia Pacific, J.P. Morgan. “The new branch underscores our continued commitment to building our India franchise, where we see multi-decade opportunities as the economy grows, making it one of J.P. Morgan’s priority markets. India’s domestic growth and increasing integration with the global economy have created huge opportunities for both Indian and foreign clients, and we are uniquely positioned to advise and execute on their ambitions.”
“We are seeing a rising trend of cross-location and cross-border activity among multinational clients as well as Indian corporates with growing global aspirations as they pursue opportunities driven by India’s economic growth. Pune stands out as one of the fastest growing markets in the western region, serving as an attractive investment hub across industries and playing a key role in our strategic plans. The Pune branch will further enhance our ability to better serve our clients both in India and internationally as they accelerate their businesses,” said Pranav Chawda, CEO – JPMorganChase Bank India, and head of India Corporate Banking.
The new branch will offer a broad range of wholesale financial products and services, including cash management in both INR and foreign currency, trade finance, liquidity management, foreign-currency payments, and investment banking in combination with a dominant global franchise. The bank currently serves clients from its branches in Mumbai, New Delhi and Devanahalli, Bengaluru.
J.P. Morgan expects to identify the new branch location and fulfil operational requirements in the next few months.
J.P. Morgan is a leading global financial services player with a physical presence in India since 1945. Today, India is a key market for J.P. Morgan and the firm has consistently invested in the India business, which has been growing steadily. J.P. Morgan is among the country’s leading players in almost all its businesses and primarily caters to the firm’s global clients with business interests in India and local multinationals growing their footprint internationally. India is also home to the Corporate Center which services J.P. Morgan’s businesses around the world in the areas of operations, technology and research.