FINANCE

JPMorgan expands commercial banking in South Korea

By Jung Min-kyung
  • Published : Oct 14, 2021 - 15:21
  • Updated : Oct 14, 2021 - 15:59

In this file photo taken on April 17, 2019 The JPMorgan Chase & Co. World headquarters are pictured on April 17, 2019 in New York City. (Reuters)
Global investment bank JPMorgan said Thursday it has decided to expand its commercial banking business in South Korea by launching a new team focused on financing midcap companies.

The banking giant has appointed Kim Min-sik, former head of the global corporate division at Standard Chartered Bank Korea, to lead its newly established corporate client banking & specialized industries team.

In Korea, businesses with total assets between 500 billion won ($421.1 million) and 10 trillion won are classified as midcap companies. Companies considered corporate giants by the public are often midcap businesses in terms of assets, such as e-commerce platform operator Coupang.

JPMorgan said Korea is the latest market in the firm’s global expansion effort in specialized commercial banking announced in early 2019.

“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,” said Park Tae-jin, CEO of JPMorgan Korea.