JPMorgan Set to Establish Commercial Bank in Singaporeby Fintech News Singapore June 22, 2023
JPMorgan Chase & Co will be establishing its commercial bank in Singapore as part of its global expansion plans, according to a Reuters report.
The bank which currently serves more than 650 clients across 26 countries. Through this global push, JPMorgan will have a presence in 28 countries by year end with the addition of an Israel office as well.
In 2019, JPMorgan’s commercial bank had begun expanding its presence in Asia and Europe, having onboarded 175 bankers with the numbers expected to grow by more than 200 by end of 2023.
“We are trying to bring a simpler way of doing business to these mid-sized companies, and replicate in other geographies what we we’ve successfully built in the U.S.
We hope to become the primary global banking partner to clients headquartered outside of the U.S.”
said Morgan McGrath, Head of International Banking in the Commercial Unit.