KUALA LUMPUR Dec 19 U.S. bank JPMorgan
is closing its retail banking operations in Malaysia as part of
a global strategy to focus that business in the home market, a
bank spokesman said on Wednesday.
The move will not impact the bank's overall business or
strategy in the Southeast Asian nation as it made up a small
portion of its total operations, Chris Cockerill said.
"It (Malaysia) remains a very important market for us,"
said Cockerill. "We continue to invest in our treasury services
operations, our global corporate bank activities as well as
investment banking - for example, in our equity capital markets
business, we are the No.2 foreign bank in the market."
It could not be immediately ascertained how many branches or
customers JPMorgan's retail banking operations has in Malaysia.
JPMorgan's headcount in the country will continue to
increase in order to support its growth, Cockerill added.
Malaysia's equity capital raising activity has been robust
in 2012. Kuala Lumpur ranked fourth globally this year in terms
of amounts raised from initial public offerings, bolstered by a
flurry of offerings such as Felda Global Ventures Holdings Bhd
, according to Thomson Reuters' investment banking
JPMorgan has been involved in some of the deals.