Harrison: Big plans

New York, Nov. 16 (Reuters): JPMorgan Chase & Co chief executive William Harrison said the No. 3 US bank wants to have an international retail presence within the next three to five years with a focus on emerging-market countries.

“Strategically in three to five years we would like to have a position or at least begin to have a position in international consumer. It is a huge market and looks to be a high growth market,” Harrison said.

The best place to start, Harrison said, would be in highly populated developing countries like China, India, Brazil, Russia or Mexico.

JPMorgan already has a global investment bank but lacks the giant international retail network of close rival Citigroup Inc.

The bank would also consider buying a passive stake in a Chinese bank if the right opportunity arises.

“If opportunities come up to make passive investments, we would evaluate and consider them,” Harrison said of China.

With a stake in a Chinese bank, a company can learn more about working in China and potentially create a sustainable business through a joint venture in credit cards, for example, Harrison said.

Global lenders from HSBC Holdings Plc to Bank of America Corp are investing billions of dollars in China’s creaky financial sector despite the sector’s pile of as much as $200 billion in sour loans. The foreign banks hope to grab a slice of China’s $1.65 trillion in personal savings.