JPMorgan Expands Corporate Banking in India amid Capex Boom

As businesses in fields like solar energy, data centers, and electric vehicles increase capital expenditures in the world's fastest-growing major economy, JPMorgan Chase & Co. is bolstering its corporate banking footprint in India.

“As demand certainty improves, capex investments will begin,” Oliver Brinkmann, co-head of global corporate banking, Asia Pacific, at the US bank, said in a recent interview in Mumbai.

Despite Washington increasing taxes on many Indian goods to 50%, JPMorgan, which views India and Japan as its two fastest-growing Asian markets in terms of corporate banking revenue, anticipates no slowdown in growth. Even though the South Asian economy expanded at its best rate in over a year last quarter, analysts are growing more worried that the tariffs may negatively impact labor-intensive industries and that the momentum may slow.

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“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 said the bank’s local corporate banking has been growing its revenue by 30% year-on-year for the past two to three years and he expects a similar pace of growth in the next few years.

As they pursue expansion possibilities, Indian corporations are expected to double their capital expenditures to $800 billion to $850 billion over the next five years compared to the previous five-year period, according to a June research from S&P Global Ratings. “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 segments.