JP Morgan Roles out Three More Branches in India

JP Morgan Roles out Three More Branches in India.

Mumbai: JPMorgan has announced an expansion move in India. In the midst of financial turbulence that are forcing banks financial houses to close down branches, this biggest lender bank in the US is expanding its frontier.JP Morgan

JP Morgan remains the largest bank in the area of assets in the US. Before now, JP Morgan has been operating in India with a single branch in Mumbai, but this time around, the reserve bank of India is granting JP Morgan license in opening more three branches in Bangalore, Chennai, and Delhi.

The new branches will be offering to cooperate banking services like loans, as well as traditional transaction banking facilities.

JP Morgan Roles out Three More Branches in India.

These branches will be operational on or before the 31st of March next.

Currently, the bank credit exposure is put at $12.10 billion. This is split into sovereign security like government bonds, cooperate with credit and financial institutions.

This financial house is putting India in a very important position in its plan with the opening of further Three branches when other similar financial houses are winding down their service.

JPMorgan recently elevated Kalpana Morparia, its head of India operation to the role of South and South-East Asia Head. This whole move spells it out that JP Morgan is widening its footprint in India.

One of its chief executives made it know that the lender banks are out to increase its share in cooperates lending.

JP Morgan presents net income dropped by 6.7 percent to $5.52 billion leaving its share at $1.35.

The bank’s Chief Executive Officer Jamie Dimon stated “while challenging market impacted the industry, we mentioned our leadership positions and market share.

He further said “even in a challenging environment, client continue to turn to us in the global markets.