JAMIE DIMON, Chairman and CEO of JPMorgan Chase, has always been bullish on India. During the JP Morgan India Investor Summit in late 2023, he highlighted the significant growth of JP Morgan, the Indian subsidiary of the world’s largest bank by market cap ($538 billion as of March 4, 2024), over the past few years.
Although JP Morgan primarily focusses on wholesale banking in the country, its target areas extend beyond just large Indian corporates or multinational companies. New-age companies and even other players in the banking industry who could be competitors in some segments are huge business opportunities for the bank that has emerged as the winner in the Best Foreign Bank category in the BT-KPMG Best Banks and NBFCs Survey 2022-23 for the third year in a row.
“Our [primary] business in India is wholesale, and we will continue to pursue value-added solutions and innovations on the wholesale side of the business... but, some of the solutions that we are developing on the wholesale side of the business are relevant for [other] banks as well,” says Kaustubh Kulkarni, Senior Country Officer-India and Vice Chairman Asia Pacific, JP Morgan.
JP Morgan is also innovating a lot on the blockchain, and according to Kulkarni, some Indian banks are currently “evaluating” potential partnerships with the foreign bank to leverage solutions developed by it. “We can be a technology partner for an Indian bank where they will use solutions that we create for them but for their customers and clients,” he says.
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