If everything goes well, JPMorgan Chase & Co would soon open three branches in India to expand its presence in the sub continent. The company has made this announcement at a time when global competitors are pulling back.
Sources said India’s central bank— the Reserve Bank of India (RBI) has given its nod to the biggest US bank to establish outlets in New Delhi and in smaller towns located near Bengaluru and Chennai. The New York-based lender has one branch in India, in Mumbai, which opened in 1994.
The expansion comes as banks including UBS Group AG and HSBC Holdings Plc reduce their presence in India amid pressure to cut costs and raise capital. JPMorgan is seeing an increasing level of cross-border activity among its clients as they capture more business driven by the South Asian nation’s economic growth, Madhav Kalyan, chief executive of the bank’s Indian unit, said in a statement.
The branches will be opened in the capital New Delhi, Devanahalli near Bengaluru, and Paranur near Chennai in the next two months, a statement release by JP Morgan said. They will provide existing products and services including cash management, trade finance and foreign-currency payments, it said.