JPMorgan Chase & Co is set to open a new branch in India after nearly a decade, underscoring the Wall Street bank’s growing push into one of the world’s fastest-growing economies, according to a Bloomberg report.
The lender has received an in-principle approval from the Reserve Bank of India to establish its fourth branch in Pune, the New York-based bank said in a statement on Thursday, confirming an earlier report by Bloomberg.
It will offer a broad range of products and services, including trade finance, liquidity management and foreign-currency payments, according to the statement.
India’s domestic growth and increasing integration with the global economy have created “huge opportunities” for both Indian and foreign clients, Sjoerd Leenart, its Asia-Pacific CEO, said in the statement.
Foreign banks have been expanding in India, lured by its rapid economic expansion, strong credit demand and deepening corporate activity — competing fiercely in lending to companies as well as in dealmaking advisory.
JPMorgan last received an approval to open branches in India in 2016, when it was given the green light to set up in three locations. Its footprint in India, however, remains smaller than several other foreign banks.
Standard Chartered Plc, for instance, has 100 branches across 42 cities in India,
while earlier this year, HSBC Holdings Plc got approval to add 20 additional branches across Indian cities to support its wealth expansion drive. Both banks have retail businesses in India, unlike JPMorgan.
