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JPMorgan obtained approval from the Reserve Bank of India to
open branches in the capital New Delhi, and in the southern
cities of Bengaluru and Chennai, it said in a release.
The branches are expected to be operational in the next few
months, the bank said.
"This is another significant milestone for growing our Indian
franchise and deepening our banking footprint," said Kalpana
Morparia, CEO, South & South East Asia, JPMorgan, in the
statement.
"The expansion endorses our long-term commitment to India, a key
market for J.P. Morgan, as well as for many of our clients," she
said in the statement.
JPMorgan said it will provide all existing products and services
through the new branches, including cash management, trade
finance and foreign-currency payments.
In the last few years, India has seen almost an exodus of
foreign banks from a host of services that they provided in the
country.
In January, British bank Barclays Plc said it would shut its
India equities business to cut costs and boost profits.
Later in May HSBC Holdings Plc said it planned to close 24
branches in India as part of its strategic review of its retail
banking and wealth management business.
(Reporting by Promit Mukherjee; Editing by Sunil Nair)
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