J.P. Morgan (NYSE:JPM) Entering Corporate Banking Sector of India

With a number of Business services ready to launch in India, JP Morgan (NYSE:JPM) is about to tackle the challenge of creating a sustainable business model in the country concerning that growing market.

Included in their services they are going to offer the Indian business community are cash management, hedging and foreign exchange tools, along with business loans for working capital.

To a smaller degree there will also be some retail banking included in the expansion, although at this time J.P. Morgan isn’t revealing what they have in mind there.

Madhav Kalyan, chief executive officer, JPMorgan Chase Bank, and head of corporate banking operations in India, said this, “A key initiative for JPMorgan in 2010 in India is the launch of global corporate banking as a part of the global launch of the same in high growth countries like China and Brazil. This initiative is driven by the bank’s continuing dialogue with clients around the world who have expressed a desire for expanded global banking operations from us.”

Earlier in the year, Morgan stated the primary focus of their entry into the business sector of India will be to provide services for businesses from the United States which are now operating in the country.
 
A number of their competitors are also taking on the Indian corporate market, so competition is heating up with many major global competitors ready to go head-to-head with J.P. Morgan for the growing business sector in India.

The initial city they’ll launch in is Mumbai, and from there branch out to a number of the major cities in the country.