JPMorgan to Expand Corporate Banking in India Amid Rising Investments

JPMorgan Chase & Co. is expanding its corporate banking operations in India, targeting sectors like electric vehicles, data centers, and solar energy, as companies in these industries increase capital investments in the world’s fastest-growing major economy.

“As demand becomes more predictable, capital expenditure will start picking up,” said Oliver Brinkmann, co-head of Global Corporate Banking, Asia Pacific at JPMorgan, in a recent Mumbai interview.

JPMorgan, which identifies India and Japan as its fastest-growing Asian markets for corporate banking revenue, expects growth to continue despite Washington doubling tariffs on many Indian imports to 50%. While India’s economy expanded at its fastest pace in over a year last quarter, economists warn that the tariffs could hit labor-intensive sectors hard, potentially slowing the momentum.

“The geopolitical landscape, including tariffs, is complex, but JPMorgan maintains a long-term strategic approach to its business in India,” said Oliver Brinkmann, based in Singapore. He noted that the bank’s local corporate banking division has been growing revenue at around 30% year-on-year over the past two to three years and anticipates a similar growth trajectory in the coming years.

According to a June report by S&P Global Ratings, Indian companies are projected to double their capital expenditure to $800–$850 billion over the next five years compared with the previous five-year period, as they pursue new growth opportunities.

“We aim to expand our corporate banking footprint in sustainable energy, technology, diversified industries, and infrastructure,” said Oliver Brinkmann, noting that JPMorgan is also boosting its domestic headcount to focus on these sectors.

The bank serves a range of clients in India, including mid-cap firms with revenues between \$300 million and \$2 billion, as well as large-cap companies. It also has a dedicated team for startups and unicorns, catering to roughly 1,900 clients in the country.

JPMorgan’s India operations cover commercial and investment banking, payments, and securities services. Its corporate centers in Mumbai, Bengaluru, and Hyderabad support global technology and business operations, employing more than 55,000 staff.

While opportunities in India’s corporate banking sector are substantial, competition is intensifying, and some rivals remain cautious. Last month, a senior executive at Bank of America noted that companies are delaying major investments pending clarity on domestic demand and the global trade environment.

Meanwhile, Japanese lenders Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group have led US banks in arranging foreign currency loans for Indian borrowers between 2020 and 2024, according to Bloomberg data. This year, JPMorgan ranks 18th in the league tables.

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