Jul 01, 2016
Mumbai — JPMorgan Chase & Co. (NYSE: JPM) announced today that it has received approval from the Reserve Bank of India to open three additional branches in India, including New Delhi, Devanahalli (near Bengaluru), and Paranur (near Chennai).
The new branches represent a key step in expanding J.P. Morgan’s presence in India, enabling it to provide enhanced banking services to its local and multinational (MNC) clients.
“This is another significant milestone for growing our Indian franchise and deepening our banking footprint,” said Kalpana Morparia, CEO, South & South East Asia, J.P. Morgan. “Our strategy is to follow our clients’ priorities. The expansion endorses our long-term commitment to India, a key market for J.P. Morgan, as well as for many of our clients.”
“We are seeing an increasing level of cross-location and cross-border activity among our clients as they capture business opportunities driven by the country’s economic growth. These branches will further enhance our capability to better serve our clients in India and overseas as they accelerate their businesses,” said Madhav Kalyan, MD & CEO, JPMorgan Chase Bank N.A, India.
J.P. Morgan will be able to provide all existing products and services through the new branches, including cash management, trade finance and foreign-currency payments. The bank currently serves its banking clients from its Mumbai branch.
J.P. Morgan expects to open the new branches in the next few months.