U.S. Banking giant, JP Morgan has announced that it will be exiting the commercial banking market of Malaysia. JP Morgan started its operations in the country in 1964. It presently offers services like Investment banking, treasury and security services as well as equity trading and retail banking. Malaysia is the only Asian country in which JP Morgan offered retail banking services.
"It (Malaysia) remains a very important market for us" Chris Cockerill, spokesperson for the firm told Reuters.
"We continue to invest in our treasury services operations, our global corporate bank activities as well as investment banking - for example, in our equity capital markets business, we are the No.2 foreign bank in the market." he added.
The firm is said to have taken the step in order to limit retail banking to its home country and focus more on wholesale banking in its international markets, reported NASDAQ
Cockerill asserted that JP Morgan was very committed to its markets in Malaysia and the shutdown of retail banking business should not affect the growth prospects of the firm in the country, reported Reuters.
Retail banking is only a small part of JP Morgan's operations in the South East Asian nation.
The number of commercial banking branches and its customers could not be immediately ascertained.
The equity capital trading business in Malaysia has recorded a good growth percentage in 2012. Malaysia was globally ranked fourth for raising capital from public offerings. JP Morgan was also involved in the trading deals, reported Reuters.
© 2017 Jobs & Hire All rights reserved. Do not reproduce without permission.
