With continuous tech innovation and focus on business expansion, JP Morgan has widened its client-base across multinational companies, large Indian corporates and financial institutions in India. It has now set its eyes on emerging businesses, for which the company started its mid-sized local corporate business, says Kalpana Morparia, JP Morgan’s Chairman for South and Southeast Asia.
With 28.75 per cent growth in operating profits in FY19 and 53.17 per cent jump in deposits, and superior show on some other parameters, JP Morgan was adjudged the best foreign bank in BT-KPMG Best Bank Study even as other foreign banks such as Citibank, Standard Chartered Bank, HSBC, and Deutsche Bank had larger balance sheets.
Picking Up Speed
In July 2019, JP Morgan announced that it would expand its commercial banking operations by growing its mid-market business. It expressed interest in providing India-headquartered midcap companies access to leading global financial capabilities, a strong network and deep market expertise. “The mid-cap sector in India is very vibrant and as these companies go beyond their domestic market to do business, their needs will evolve. Our deep local knowledge, global insights and best-inclass solutions make us uniquely positioned to extend services to mid-cap companies,” says Morparia.
We decided to go ahead in early 2019, she says, adding that the bank immediately assembled a Corporate Client Banking and Specialized Industries (CCBSI) team within commercial banking, mainly comprised of local experts. The bank has signed up several clients in the midcap space.
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