JPMorgan Chase & Co
(JPM.N) said on Friday it has won approval from India's central bank to open
three more branches in the country even as most foreign banks are scaling back
their operations in India.
JPMorgan obtained approval
from the Reserve Bank of India to open branches in the capital New Delhi, and
in the southern cities of Bengaluru and Chennai, it said in a release.
The branches are expected to
be operational in the next few months, the bank said.
"This is another
significant milestone for growing our Indian franchise and deepening our
banking footprint," said Kalpana Morparia, CEO, South & South East
Asia, JPMorgan, in the statement.
"The expansion endorses
our long-term commitment to India, a key market for J.P. Morgan, as well as for
many of our clients," she said in the statement.
JPMorgan said it will
provide all existing products and services through the new branches, including
cash management, trade finance and foreign-currency payments.
In the last few years, India
has seen almost an exodus of foreign banks from a host of services that they
provided in the country.
In January, British bank
Barclays Plc (BARC.L) said it would shut its India equities business to cut
costs and boost profits.
Later in May HSBC Holdings
Plc (HSBA.L) said it planned to close 24 branches in India as part of its
strategic review of its retail banking and wealth management business.
Credit:Reuters
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