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JPMorgan widens banking biz in South Korea by setting up new unit
JPMorgan Chase is expanding its commercial banking business in South Korea with the launch of a new division for financing mid-capitalization (midcap) companies. The move was announced on Thursday, Oct. 14.
JP Morgan Chase & Co, an investment bank operating worldwide, said that it made the decision to broaden its commercial banking commerce in S. Korea so it can offer financing services dedicated to midcap firms. To provide this offering, it has formed a new team to handle this side of the business.
According to The Korea Herald, the bank assigned the former head of the global corporate unit of Standard Chartered Bank Korea, Kim Min Sik, as the chief of its newly launched corporate division. His more than two decades of experience in the field will certainly help with the success of the unit he was assigned to lead.
JPMorgan stated that the country is the latest market in the company’s list for global expansions in specialized commercial banking. South Korea is now the 19th nation to have JPMorgan’s CCBSI business team.
“We’ve been in Korea for more than 50 years and have deep local knowledge, global insights, and best in class solutions, which uniquely positions us to support Korea’s midcap companies and serve clients’ complex and cross-border needs for the long term,” JPMorgan Korea’s chief executive officer, Park Tae Jin, said in a statement.
The midcap companies in S. Korea include businesses with total assets ranging from ₩500 billion or about $421.1 million and ₩10 trillion. These are corporate giants that the public sees as the major brands with huge assets such as Coupang.
The Korea Times mentioned that this new unit of JPMorgan is called the Corporate Client Banking and Specialized Industries or CCBSI and it will provide midcap companies with various financial services through its market expertise and robust global network.
Meanwhile, Kim Min Sik and his team will operate the CCBSI unit with the task of providing support to clients’ needs related to treasury management, investment, and credit banking requirements. Overall, JP Morgan is offering asset management and brokerage in the country.