JPMorgan to shut Malaysia retail unit
US-based bank JPMorgan will close its retail banking operations in Malaysia, its only presence of that business arm in Asia. The closure is part of a global strategy to focus on retail banking in the home market, a bank spokesman said on December 19.
However, the move will not affect the bank’s overall business or strategy in Malaysia as it only made up a small portion of its total operations, the bank said.
It added that it will continue to invest in its treasury services operations, global corporate bank activities as well as investment banking in Malaysia. In addition to that, JPMorgan offers other banking services including equities trading and security services.
However, JPMorgan is not the only Western bank to reduce its Asian operations. Netherlands-based ING Group is also aiming to divest its Asian assets, especially the insurance and investment-management businesses by the end of 2013 in an international restructuring drive. As a part of this strategy, ING has already sold its insurance operations in Malaysia to AIA Group and divested the Thailand asset management business to Singapore’s United Overseas Bank. Apart from this, ING announced the divestiture of its insurance business, pension and financial planning divisions in Hong Kong and Macau as well as its life insurance operations in Thailand to Pacific Century Group.
US-based bank JPMorgan will close its retail banking operations in Malaysia, its only presence of that business arm in Asia. The closure is part of a global strategy to focus on retail banking in the home market, a bank spokesman said on December 19. However, the move will not affect the bank's overall business or strategy in Malaysia as it only made up a small portion of its total operations, the bank said. It added that it will continue to invest in its treasury services operations, global corporate bank activities as well as investment banking in Malaysia. In addition to...
US-based bank JPMorgan will close its retail banking operations in Malaysia, its only presence of that business arm in Asia. The closure is part of a global strategy to focus on retail banking in the home market, a bank spokesman said on December 19.
However, the move will not affect the bank’s overall business or strategy in Malaysia as it only made up a small portion of its total operations, the bank said.
It added that it will continue to invest in its treasury services operations, global corporate bank activities as well as investment banking in Malaysia. In addition to that, JPMorgan offers other banking services including equities trading and security services.
However, JPMorgan is not the only Western bank to reduce its Asian operations. Netherlands-based ING Group is also aiming to divest its Asian assets, especially the insurance and investment-management businesses by the end of 2013 in an international restructuring drive. As a part of this strategy, ING has already sold its insurance operations in Malaysia to AIA Group and divested the Thailand asset management business to Singapore’s United Overseas Bank. Apart from this, ING announced the divestiture of its insurance business, pension and financial planning divisions in Hong Kong and Macau as well as its life insurance operations in Thailand to Pacific Century Group.
