HONG KONG: JPMorgan intends to double its revenue from Asian markets over the next three years on the back of what it sees as strong potential for growth in the region, an executive vice-president of the US bank says on Thursday, June 17.
"We are not new to Asia as we have been operating in many markets in this region for decades," said Heidi Miller, who is also JPMorgan's chief executive of treasury and securities services. "We will expand our business and products further on top of a good foundation."
The treasury and securities services offer global payments, trade finance, foreign exchange, and securities custody services. It provides one-stop payment, foreign exchanges and treasury management services for multinationals.
The firm has US$15.3 trillion in assets under custody and US$6.8 trillion in funds under administration. It is the world's largest US dollar clearer and can clear almost 200 different currencies for customers.
The bank has been a major player in Hong Kong for many years, while on the mainland, it has been locally incorporated and has branches in Beijing, Shanghai, Tianjin, Qingdao and Guangzhou.
"We will double our branches in mainland China in the near future," Miller said during a visit to Hong Kong last week. "We have to follow the footprint of our customers worldwide to provide trading, payment and FX services for them."
Some mainland companies were also moving towards expanding overseas and they needed a bank with a global network, presenting additional opportunities for JPMorgan, she said.
She said the bank would not directly compete with mainland domestic banks, which have thousands of branches, but instead, JPMorgan would work with these banks as partners to refer business involving domestic and overseas clients.
JPMorgan also plans to set up a joint venture with China's First Capital Securities to underwrite A-share equities in the mainland market, subject to government approval.
Besides China, the bank will expand in Singapore, Malaysia, India and Bangladesh. JPMorgan has operated in the region for 130 years, starting with its first office in Sydney. Its treasury and securities services have a presence in 17 markets across the region with the headquarters in Hong Kong.
Miller said that the pace of its Asian expansion would not be affected by the global financial crisis or the recent euro debt crisis triggered by Greece.
"We are not affected by the financial crisis. JPMorgan continues to invest through the crisis. We earn money in every quarter and we have capital for us to continue to invest globally despite the troubled times."
She said export and other key economic figures in Europe were not so bad. The euro has been volatile but the bank could offer hedging for clients to fight against currency risks.
"I am optimistic that the European debt crisis will only be a short-term one. The European countries will find a solution for the Greece problem," she said. ' South China Morning Post
"We are not new to Asia as we have been operating in many markets in this region for decades," said Heidi Miller, who is also JPMorgan's chief executive of treasury and securities services. "We will expand our business and products further on top of a good foundation."
The treasury and securities services offer global payments, trade finance, foreign exchange, and securities custody services. It provides one-stop payment, foreign exchanges and treasury management services for multinationals.
The firm has US$15.3 trillion in assets under custody and US$6.8 trillion in funds under administration. It is the world's largest US dollar clearer and can clear almost 200 different currencies for customers.
The bank has been a major player in Hong Kong for many years, while on the mainland, it has been locally incorporated and has branches in Beijing, Shanghai, Tianjin, Qingdao and Guangzhou.
"We will double our branches in mainland China in the near future," Miller said during a visit to Hong Kong last week. "We have to follow the footprint of our customers worldwide to provide trading, payment and FX services for them."
Some mainland companies were also moving towards expanding overseas and they needed a bank with a global network, presenting additional opportunities for JPMorgan, she said.
She said the bank would not directly compete with mainland domestic banks, which have thousands of branches, but instead, JPMorgan would work with these banks as partners to refer business involving domestic and overseas clients.
JPMorgan also plans to set up a joint venture with China's First Capital Securities to underwrite A-share equities in the mainland market, subject to government approval.
Besides China, the bank will expand in Singapore, Malaysia, India and Bangladesh. JPMorgan has operated in the region for 130 years, starting with its first office in Sydney. Its treasury and securities services have a presence in 17 markets across the region with the headquarters in Hong Kong.
Miller said that the pace of its Asian expansion would not be affected by the global financial crisis or the recent euro debt crisis triggered by Greece.
"We are not affected by the financial crisis. JPMorgan continues to invest through the crisis. We earn money in every quarter and we have capital for us to continue to invest globally despite the troubled times."
She said export and other key economic figures in Europe were not so bad. The euro has been volatile but the bank could offer hedging for clients to fight against currency risks.
"I am optimistic that the European debt crisis will only be a short-term one. The European countries will find a solution for the Greece problem," she said. ' South China Morning Post
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