With a legacy dating back to 1799, we have a history of demonstrating leadership during times of both economic growth and financial instability.
Our firm's presence in India dates back to 1922, when J.P. Morgan & Co. in New York and Morgan Grenfell, its affiliated partnership in London, took an ownership interest in the merchant banking firm of Andrew Yule & Co. Ltd. in Calcutta. J.P. Morgan had ambitions to start a banking business in India as early as 1902, and Morgan Grenfell had begun extending credit to Yule & Co. in 1911.
In 1945, Chase began business in India, when Chase National Bank opened its first representative office in Mumbai. Initially located at the Taj Mahal Palace hotel, the office moved to the New India Assurance Building within a year.
In the 1980s, our business in India broadened to include investment banking, cross-border capital market activities and financial advisory services.
In 1993, J.P. Morgan entered into a joint venture with the Industrial Credit and Investment Corporation of India (ICICI), making us one of the leading investment banks in India, raising funds in the domestic market for public and private sector clients. In the following year, J.P. Morgan formed a second joint venture with ICICI to offer investment management services in India.
In 1994, Chase and its affiliates helped arrange two of the largest international financings for Indian corporations: a US$250 million European bond issue by iron and steel manufacturer Essar Gujarat Ltd., and a US$250 million revolving credit facility for the State Bank of India. In 1995, Chase Manhattan Bank opened a branch in Mumbai after India's central bank (known as the Reserve Bank of India) granted Chase the permit to conduct full banking operations.
Through our predecessor firm, Jardine Fleming, we commenced merchant banking and stockbroking activities in India in 1993 and 1994 respectively.
In 2002, JPMorgan Chase established its global service center in Mumbai, providing round-the-clock middle- and back-office support for every line of business at JPMorgan Chase. Today, Mumbai is one of J.P. Morgan's largest locations outside of the United States and serves as a regional hub for many of our businesses in India.
In 2007, J.P. Morgan launched commercial banking in India. In the same year, J.P. Morgan Asset Management received its license to sell to retail investors in India. This was followed by the launch of its first mutual fund, the J.P. Morgan India Equity Fund.
Since 2008, J.P. Morgan has helped raise more than US$20 billion for Indian corporations through domestic and international offerings. As the first bank to execute long-tenure foreign exchange rupee options, and the first foreign primary dealer with the Reserve Bank of India, we continue to be leaders in financial innovation in India.