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.