JP Morgan on December 11 has received in-principle approval from the Reserve Bank of India (RBI) to open a branch in Pune.
The approval is expected to strengthen the bank’s on-ground footprint in India and enable it to offer a wider suite of services to both domestic and multinational clients operating in the country, it said in a release.
“We are very pleased to receive this approval, which represents another significant milestone in deepening our footprint and growing our business in India,” said Sjoerd Leenart, CEO, Asia Pacific, JP Morgan. The branch reinforces the firm’s long-term commitment to its India franchise, adding India’s economic growth and deeper integration with global markets are creating “multi-decade opportunities” for clients, he said.
Demand for cross-border and cross-location solutions has risen sharply, as multinational companies and globally ambitious Indian firms scale up operations. Pune stands out as one of the fastest-growing business hubs in the western region, the bank said.
“Pune serves as an attractive investment hub across industries and plays a key role in our strategic plans,” said Pranav Chawda, CEO, JPMorgan Chase Bank India and Head of India Corporate Banking. “The Pune branch will further enhance our ability to better serve clients in India and internationally as they accelerate their businesses.”
The branch will offer a range of wholesale banking services, including INR and foreign currency cash management, trade finance, liquidity management, foreign-currency payments, and investment banking support.
JP Morgan already has branches in Mumbai, New Delhi and Bengaluru's Devanahalli.
The bank said it will identify the new branch location and complete operational requirements over the next few months.
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