JP Morgan Chase gets foreign bank agency license in Japan

J P Morgan Chase has received a foreign bank agency licence from the Financial Services Agency in Ja

The licence will enable the bank's Tokyo branch to act as an agent on behalf of its overseas offices for a range of wholesale banking operational areas and to interact as an intermediary between its overseas offices and its clients in Japan.

The foreign bank agency licence further strengthens JP Morgan's cash management, trade finance and liquidity management capabilities in Japan by allowing the bank to service its clients with one local point of contact. This integrated approach will also enable JP Morgan to deliver new products and services through its offshore locations in a timely manner.

Ricky Kaura, MD and business executive of treasury services Japan at JP Morgan, said: "We are committed to providing an intimate local experience to our clients and to simplifying our processes. Obtaining our Foreign Bank Agency licence represents an important step for us and more importantly, it will directly benefit our clients in Japan."

Gregory Guyett, senior country officer at JP Morgan in Japan, said: "JP Morgan in Japan will continue to respond to evolving client demands by leveraging its global network and capabilities. We are pleased that our clients will now have access to broader services and an optimal banking experience."