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JP Morgan Chase (NYSE: JPM) plans to launch a new unit focused on global business, emphasizing the sale of loans and commercial banking services to international corporations, according to a Financial Times Report.

The unit would expand JP Morgan’s business borders and put it in direct competition with Citigroup (NYSE: C) and HSBC.  According to people close to the matter, the new business will lead to hundreds of bankers being hired and substantial resource investment as the bank works toward grabbing a piece of the international business market.

The global banking unit will sell a wide range of products, including commodities trading and cash management services, while initially focusing on strong emerging economies, such as Brazil and India.

According to the report, the bank will also seek business in Germany, Switzerland and the United Kingdom during its initial efforts.  Ultimately, JP Morgan wants the new unit’s reach to span worldwide.

Currently the U.S. represents roughly three quarters of JP Morgan’s revenue, making the bank largely reliant on the U.S. economy for its performance.  The global banking unit will give the bank the ability to diversify its revenue streams.

The new unit will be based out of London and head up by Greg Guyett, currently the head of the bank’s Japanese unit.  According to Guyett, JP Morgan plans to invest more than $100 million in building the global corporate banking unit, which will employ rough 300 bankers.

The business of providing loans and financial services to international corporations has previously been dominated by Citigroup and HSBC.  With JP Morgan’s strong balance sheet, the bank has the ability to compete with the two on competitive loan terms and facilities.

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