The News: Banks Refocus on Intra-Asia Deals
As the world climbs back from the brink, India and China loom larger than ever in the growth plans of top-tier financial institutions. As a result, relocating to Asia is returning to the front burner as a career accelerant for bankers.
"JPMorgan's India branch is increasingly targeting intra-Asia regional business, particularly between India and China," reports the Financial Times. The bank plans to introduce onshore private banking services in India in the coming year. Its push to build intra-Asian business is a further sign of how the global slowdown has elevated the role of China and India in the world economy to a new level, the FT says.
Lars Thunell, chief executive and executive vice-president of the International Finance Corporation, said at a World Economic Forum meeting last weekend that the "very strong" performances of India and China are playing a critical role in lifting the world economy out of recession.
In the past, JPMorgan's India business centered on helping Indian companies go abroad and U.S. businesses to come to India. Now it's focusing more on regional business. It's formed a cross-regional team to help link Indian corporate clients with counterparts in China, Japan,South Korea and other Asian markets, JPMorgan India Chief Executive Kalpana Morparia told the FT.
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