JPMorgan Chase, N.A. Ho Chi Minh City Branch announces capital injection into Vietnam
JPMorgan Chase, N.A. Ho Chi Minh City Branch announced a capital injection of $123 million into its branch entity on May 26.
The investment brings the firm’s total capital investment into the Vietnamese market from $77 million to $200 million.
The capital will be used over the next few years to fund the expansion of the bank’s onshore services and capabilities, support its fast-growing suite of product offerings, and increase the hiring of local talent.
J.P. Morgan has greatly expanded its operations in the country since setting up its local office in 1995, with the firm now providing a wide array of banking solutions across corporate banking, investment banking advisory, payments, and capital markets.
Van Phan, senior country officer for Vietnam and General Director of JPMorgan Chase, N.A. Ho Chi Minh City Branch said, “With more than 25 years of history and as a leading international investment bank with an on-the-ground presence, J.P. Morgan has built a robust franchise in Vietnam committed to serving the needs of both local corporations and multinational firms operating here. We are proud to be part of the country’s growth and development and will continue to invest to cater to our clients and support the economy’s rapid expansion.”
The capital injection has been approved by the State Bank of Vietnam in Decision No.436/QD-HCM this month to amend the capital amount stated in its banking license and Decision No.1000/HCM-TTr2 from April.
JPMorgan Chase & Co. is a leading financial services firm based in the US with operations worldwide. It had $4 trillion in assets and around $286 billion in stockholders’ equity as of the end of March. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.