JPMorgan targets new branches in India for wholesale banking
Hong Kong
JPMORGAN Chase & Co, the largest US bank, is seeking branch licences in India to bolster its wholesale banking operations in the country.
The bank is in talks with the Reserve Bank of India (RBI) over permits for centres to support corporate client services including cash management, foreign-currency payments and trade finance, said Muhammad Aurangzeb, Asia-Pacific chief executive officer of JPMorgan's global corporate bank unit. He's aiming to open the new outlets next year, to add to the firm's sole wholesale branch, which it opened in Mumbai in 1994.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover