J.P. Morgan has contributed to business and society in India since 1922
- Our presence in India dates to 1922
- Chase National Bank opened its first representative office in Mumbai in 1945
- Mumbai is one of J.P. Morgan's largest locations outside of the U.S. and serves as a regional hub
Our firm's presence in India dates to 1922, when J.P. Morgan & Co. in New York and Morgan Grenfell, its affiliated partnership in London, took an ownership interest in the Calcutta merchant banking firm of Andrew Yule & Co. Ltd. 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, within a year it moved to the New India Assurance Building.
1980s–present: Our scope broadens
In the 1980s, our activities in India broadened to include investment banking, cross-border capital markets work, and financial advisory services.
In 1993, J.P. Morgan entered into a joint venture with ICICI that resulted in our becoming one of the leading investment banks in India, raising funds in the domestic markets for both 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.
Also in 1994, Chase and its affiliates helped arrange two of the largest international financings for Indian corporations: a US$250mm European bond issue by iron and steel manufacturer Essar Gujarat Ltd., and a US$250mm revolving credit facility for the State Bank of India. And in 1995, Chase Manhattan Bank opened a branch in Mumbai after India's central bank, the Reserve Bank of India, permitted Chase 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 24x7 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 our many businesses in India.
In recent years, J.P. Morgan launched commercial banking in India in 2007; in the same year, J.P. Morgan Asset Management in India received a license to sell to retail investors in the country and launched its first mutual fund, the J.P. Morgan India Equity Fund.
Since 2008, through the financial crisis, J.P. Morgan has helped raise more than US$20bn for Indian corporates through domestic and international offerings. We continue to be leaders in financial innovation in India – we were the first bank to execute long-tenure foreign exchange rupee options, for example, and the first foreign primary dealer with the Reserve Bank of India.