JPM to Open Pune Office: A Renewed Push Toward India to Boost Growth?

JPMorgan JPM has obtained an in-principle approval from the Reserve Bank of India to establish a new branch in Pune, marking its first expansion in a decade in the country. This was reported by Cryptorank, citing a Bloomberg report.

The Pune branch, mainly catering to corporate clients, will offer a comprehensive suite of services, including term lending and transaction banking. This will be JPM’s fourth branch in India since the inception of its operations.

The new branch strengthens JPMorgan’s India presence across asset management, investment banking and commercial banking, enabling broader financing and advisory support. As India’s financial markets become more active, the expansion positions the firm to deepen relationships with companies pursuing domestic and cross-border growth.

JPMorgan last secured approval to open branches in India in 2016 for three locations and has since expanded its commercial banking operations to serve domestic mid-cap companies while also opening a new campus.

The move reflects a broader trend among foreign banks expanding in India in search of growth opportunities supported by stable economic conditions. Robust credit demand, heightened corporate activity and a supportive macro backdrop are driving global lenders to scale up their presence.

Other Finance Firms’ India Expansion Moves

To capitalize on the convergence of rising affluence, favorable demographics and digital transformation in India, BlackRock Inc. BLK formed a joint venture (JV) with Jio Financial in July 2023, naming it Jio BlackRock. This 50:50 partnership combined the scale and investment expertise of BlackRock with the local market knowledge and digital infrastructure capabilities of Jio Financial.

In May 2025, the JV received final approval from the Securities and Exchange Board of India to start mutual fund operations.

Likewise, HSBC Holdings PLC HSBC is significantly ramping up its India strategy. It is opening new branches, focusing on affluent and ultra-affluent clients, re-entering private banking, launching innovation banking, and treating India as a top growth market.

Last year, HSBC’s India branch announced a strategic partnership with Bajaj Allianz General Insurance, one of the leading private general insurers in India. It intends to offer Bajaj Allianz’s comprehensive suite of insurance products and services to HSBC’s vast customer base in the country.

JPMorgan’s Price Performance, Valuation and Estimates

So far this year, JPMorgan shares have rallied 32.9% compared with the industry’s growth of 36.3%.

YTD Price Performance

From a valuation standpoint, JPM trades at a 12-month trailing price-to-tangible book (P/TB) of 3.20X, slightly above the industry average.

P/TB Ratio

The Zacks Consensus Estimate for JPMorgan’s 2025 earnings implies a 2.8% rise on a year-over-year basis, while 2026 earnings are expected to grow at a rate of 3.7%. In the past 30 days, earnings estimates for 2025 have moved upward, while those for 2026 have moved downward.

Earnings Estimates Trend

Currently, JPM carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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