J.P. Morgan is expanding in Japan, where the U.S. bank is reportedly hoping to become the international bank for mid-sized companies.
J.P. Morgan has been building up its new corporate client banking & specialized industries (CCBSI) group, a unit of its commercial bank that caters to medium-sized companies and their global subsidiaries, and meeting potential clients, as it moves into its latest market in Asia to challenge local establishments.
According to a «Reuters» report, the four-person team in Japan follows an expansion of its CCBSI unit to India months ago. The team largely handles banking services like global cash and risk management, and provides strategic advice on credit, foreign exchange, trade and treasury services.
«Global corporates need global capabilities, with local expertise,» Andrew Kresse, head of corporate client banking & specialized industries for international banking, was quoted in the report.
New Hires
Leading the CCBSI team and commercial bank in Japan is Shotaro Akita, hired from Mitsubishi UFJ Morgan Stanley Securities, where he spent the last 12 years dealing with M&A and corporate financing.
Reporting to Akita are senior bankers Toshiyuki Okuyama and Masato Sato, who join from other divisions within the bank, as well as Hideki Hiramatsu, a treasury specialist hired from Standard Chartered Bank.
