JPMorgan Chase to open new branch in India after a decade

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.

According to a report in Bloomberg that quoted people in the know, the bank has obtained in-principle approval from the Reserve Bank of India (RBI) to establish its fourth branch in Pune. 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 to the news site that the firm received in-principle approval from the regulator.

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 has 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.