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November 29, 2021

JPMorgan expands commercial banking in South Korea

PUBLISHED : October 15, 2021 - 10:20

UPDATED : October 15, 2021 - 10:20

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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 Oct. 14 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 and specialized industries team.

In Korea, businesses with total assets between 500 billion won ($421 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.

By Jung Min-kyung (mkjung@heraldcorp.com)

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