JPMorgan Chase & Co. is expanding its corporate banking presence in India, focusing on sectors such as electric vehicles, data centers, and solar energy, as companies in these industries increase capital spending in the world's fastest growing major economy.
Key Highlights
- JPMorgan sees 30% annual growth in India’s corporate banking revenue, driven by EV, data center, and solar sectors.
- Bank strengthens presence by expanding domestic headcount and focusing on sustainable energy, infrastructure, and tech verticals.
"As demand certainty improves, capex investments will begin," said Oliver Brinkmann, co-head of global corporate banking, Asia Pacific at the US bank, in a recent interview in Mumbai.
JPMorgan, which counts India and Japan as its two fastest-growing Asian markets in terms of corporate banking revenue, expects no slowdown in growth despite Washington raising tariffs on many Indian imports to 50%. While the South Asian economy expanded at its fastest rate in over a year last quarter, economists are increasingly concerned that tariffs will harm labor-intensive industries and cause momentum to fade.
"The geopolitical environment, including tariffs, is complicated, but JPMorgan takes a long-term strategic view of its business in India," according to Singapore-based Brinkmann. He stated that the bank's local corporate banking has grown its revenue by 30% year on year over the last two to three years, and he expects a similar rate of growth in the coming years.
According to a June report by S&P Global Ratings, Indian companies are expected to double capital expenditure to $800 billion to $850 billion over the next five years, compared to the previous five years, as they pursue growth opportunities.
"We are looking to expand our corporate banking presence in sustainable energy, technology, diversified industries, and infrastructure," said Brinkmann, adding that JPMorgan is increasing its domestic headcount to focus on these areas.
The clients of JPMorgan in India include mid-cap firms with revenues ranging from $300 million to $2 billion, as well as large-cap companies. The US firm, which serves approximately 1,900 clients in the country, also has a team focused on startups and unicorns.
JPMorgan's business in India includes commercial and investment banking, payments, and securities services. Furthermore, the company's corporate centers in Mumbai, Bengaluru, and Hyderabad employ over 55,000 people to support its technology and business operations around the world.
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While there are significant opportunities for corporate banking in India, competition is increasing, and some rival executives are cautious about the future. Last month, a senior Indian executive at Bank of America Corp. stated that firms were delaying major investment decisions until there was more clarity on domestic demand and the global trade outlook.
Meanwhile, Bloomberg-compiled data shows that Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Financial Group have taken a significant lead over US lenders in arranging foreign currency loans for Indian borrowers between 2020 and 2024. This year, JPMorgan is ranked 18th in the league tables.
