JPMorgan Chase is introducing a new initiative in Japan, where it is actively vying for business from mid-sized companies, according to a report in the Financial Post.
Japan is the latest market in Asia that is seeing U.S. banks moving in and challenging local establishments.
JPMorgan has reportedly been meeting with potential clients and shoring up staffing for its new corporate client banking and specialized industries (CCBSI) group, a unit of its commercial bank that works with mid-sized companies and their worldwide affiliates.
The team will be comprised of four people, following on the heels of a similar team that launched in India. The move illustrates the bank’s international goals.
“Global corporates need global capabilities, with local expertise,” said Andrew Kresse, head of corporate client banking and specialized industries for international banking. “As a global bank, we’re able to grow with them.”
JPMorgan has hired Shotaro Akita to head up the CCBSI unit along with the commercial bank in the country. Akita previously worked at Mitsubishi UFJ Morgan Stanley Securities Co. for 12 years, where he dealt with mergers and acquisitions as well as corporate financing.
Akita will work with Toshiyuki Okuyama and Masato Sato, two senior bankers, and a man named Hideki Hiramatsu, who will be in charge of treasury services. Hiramatsu comes to JPMorgan from Standard Chartered Bank's Tokyo Branch, while both Sato and Okuyama come from JPMorgan.
The unit will mostly be responsible for risk management and global cash, along with providing advice and services on foreign credit, trade and treasury.
In other JPMorgan news, the banking institution has created a $100 billion funding arm to help the United Nations (UN).
“By defining eligible transactions and anticipating their impact, we can help attract much-needed private investment to developing countries,” said Daniel Pinto, co-president of JPMorgan Chase and CEO of the Corporate & Investment Bank. “Our aim is to increase engagement with clients and investors interested in financing critical projects and transactions in emerging markets.”