JPMorgan Chase & Co has opened a commercial banking office in South Korea, the bank said on Thursday as its two-year international expansion has helped it gain major corporate clients.
Starting in 2019, JPMorgan sought to establish a commercial banking presence in 19 countries outside the United States and Canada.
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 the subsidiaries of larger corporations that might work with the investment bank.
JPMorgan has been in South Korea for more than 50 years. Its new office will have eight to 10 bankers led by Min Kim, who previously worked as divisional head of international corporates for Standard Chartered Bank Korea.