JPMorgan set to open first new India branch in nearly a decade

JPMorgan last received approval to open branches in India in 2016, when it was given the green light to set up in three locations.

JPMorgan Chase & Co. is set to open a new branch in India after nearly a decade, according to people familiar with the matter, underscoring the Wall Street bank’s growing push into one of the world’s fastest-growing economies.

The lender has gotten an in-principle approval from the Reserve Bank of India to establish its fourth branch in Pune, a city near Mumbai, the people said, asking not to be identified because the information isn’t public yet. JPMorgan’s new location will cater to corporate clients, offering a full suite of products from transaction banking to term lending, the people said.

A spokesperson for JPMorgan confirmed the firm received in-principle approval from the regulator. The RBI did not immediately reply to an email seeking comment.

Foreign banks are being drawn to expand in India, lured by its rapid economic expansion, strong credit demand and deepening corporate activity. The country’s stable macro environment have further enhanced its appeal for global lenders.

JPMorgan last received approval to open branches in India in 2016, when it was given the green light to set up in three locations.

Since then, it has expanded commercial banking in the country to service domestic mid-cap firms and opened a new campus, according to its website. The New York-based firm’s activities in India span asset management to investment banking.