Mumbai, September 3, 2025 – JPMorgan Chase & Co. is set to expand its corporate banking operations in India, targeting high-growth sectors such as electric vehicles, data centres, solar energy, technology, and infrastructure, according to news reports.
Oliver Brinkmann, Co-Head of Global Corporate Banking, Asia Pacific, said in an interview that JPMorgan’s India corporate banking division has delivered 30% annual revenue growth over the past two to three years, and the bank expects a similar trajectory going forward.
Trade & Economic Backdrop
The expansion comes at a time when the US has raised tariffs on several Indian imports to 50%, creating headwinds in certain industries. Despite this, India’s economy recently grew at its fastest pace in over a year, underlining its resilience.
A June report from S&P Global Ratings projected that Indian corporates could spend $800–850 billion on capital expenditure over the next five years, nearly double the investment levels of the previous five-year period—a major driver of JPMorgan’s India push.
Diverse Client Base
JPMorgan currently serves about 1,900 clients in India, spanning mid-cap firms with revenues of $300 million–$2 billion, large-cap corporations, startups, and unicorns. This diverse portfolio positions the bank to capture growth opportunities across multiple segments of the Indian economy.
Workforce & Local Operations
To support its expansion, JPMorgan is scaling up its domestic workforce. The bank operates across commercial and investment banking, payments, and securities services. Its corporate centres in Mumbai, Bengaluru, and Hyderabad employ over 55,000 professionals, servicing both Indian and global operations.
Competition in India
The market remains highly competitive. Japanese lenders such as Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group led in arranging foreign currency loans for Indian borrowers between 2020 and 2024. By contrast, JPMorgan ranks 18th in loan league tables for 2024 so far, according to Bloomberg.
Summary
JPMorgan is ramping up its corporate banking business in India, banking on strong capital expenditure growth and opportunities in EVs, renewables, tech, and infrastructure. With a rapidly expanding client base and workforce, the bank aims to deepen its presence in one of the world’s fastest-growing economies—though competition from global rivals remains intense.
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