J.P. Morgan announced yesterday that it is opening a Bangladesh representative office to provide financial institution clients with enhanced banking services.
For J.P. Morgan, which first began servicing its financial institution clients in Bangladesh with a US dollar demand deposit account for Pubali Bank in 1973, the new operation represents a key step in building the firm’s presence in Bangladesh. The office will provide greater access to its array of cash management, trade and liquidity products and services, with a focus on cross-border payments and trade finance.
The new operation will be headed by Sazzad Anam, head of financial institutions, Bangladesh, J.P. Morgan Treasury Services. Anam, who has approximately 10 years of industry experience, will be responsible for strategy, client delivery and sales within Bangladesh.
“We are delighted to have deepened our presence in Bangladesh, a market which represents a truly important part of our Asia-Pacific growth strategy," said Simon Jones, regional executive for Asia-Pacific, J.P. Morgan Treasury Services, in a press release. "Our global platforms and regional presence, combined with our experienced local executive team, leave us well placed to better support our financial institution clients.”
Kalpana Morparia, J.P. Morgan’s chief executive officer for South Asia and India, said in the release that the enhanced on-the-ground presence was a logical step in supporting local clients. “J.P. Morgan has been working with clients in Bangladesh for almost 40 years, and we look forward to supporting the country’s future economic development. Our in-country executives bring to the table significant experience within the Bangladesh market, and they possess a strong understanding of our clients’ requirements on a day-to-day basis.”
According to the World Bank Group’s recent “Doing Business Report”, Bangladesh was the most active reformer in South Asia in 2010, underlining the country’s significant development in recent years and its strong growth potential as it matures and further integrates into the regional and global economies. Bangladesh’s export receipts and import payments are approximately $14 billion and $23 billion respectively, and its GDP is $225 billion and growing at 6% per annum.
Bangladesh has certainly attracted more banks in recent years. Citi Global Transaction Services launched direct custody and clearing services in Bangladesh in 2008. And last year, Standard Chartered appointed TS Shankar as its Southern Asia transaction banking head for bank clients, as it continues to expand its business in the region, which includes Bangladesh.