NEW YORK (October 14): JPMorgan Chase & Co has opened a commercial banking office in South Korea, the bank said Thursday as its two-year international expansion has helped it gain major corporate clients.
As of 2019, JPMorgan sought to establish a commercial banking presence in 19 countries outside of the United States and Canada.
“We have been successful in every country we have been in identifying and attracting corporate clients,” Andrew Kresse, head of the international corporate banking group of commercial banking, told Reuters. “Some are like hidden champions. They may not be recognizable to the layman, but they are very present in (their country).”
The bank’s strategy has been to hire local commercial bankers in countries where it already has a presence and to target mid-sized companies, often subsidiaries of large companies that could work with the investment bank.
JPMorgan’s expansion in Europe led its commercial bankers to participate in the initial public offering https: //www.reuters.com/article/believe-digital-ipo/exclusive-french-mus … for the distributor of French music Believe SA, a green bond transaction for Italian energy group Falck Renewables SpA and a convertible bond transaction for Dutch biotech company Pharming Group NV.
JPMorgan has been present in South Korea for over 50 years. His new office will have eight to ten bankers headed by Min Kim, who previously worked as Division Head of International Business for Standard Chartered Bank Korea.