JP Morgan to strengthen its presence in India
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Bangalore: With an aim to create a viable business model in India, JP Morgan plans to offer corporate banking services in the country. Earlier this year, the bank had announced that it would offer corporate banking services only to U.S. clients operating in India. Now, under corporate banking suit of services, it will offer cash management, working capital, foreign exchange and hedging tools services. Madhav Kalyan, CEO of JPMorgan Chase Bank and Head of Corporate Banking Operations in India, said, "A key initiative for JP Morgan in 2010 in India is the launch of global corporate banking as a part of the global launch of the same in high growth countries like China and Brazil. This initiative is driven by the bank's continuing dialogue with clients around the world who have expressed a desire for expanded global banking operations from us. We are already a full-service bank in India with a comprehensive suite of products and custom made technology solutions that allow us to reach out to our target client base, both corporate and retail. Further branch needs will be assessed as part of our ongoing strategy." The company's retail banking initiative is aimed at offerings for U.S. based non-resident Indian clients, who are familiar with JPMorgan Chase's retail offerings and also includes banking services that meet the objectives of financial inclusion. In the initial phase, the bank plans to operate from Mumbai branch. Also, the bank plans to enter into retail banking sector by partnering with other banks. Other than India, the bank is also planning to enter into UK, Germany and Switzerland.

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