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JPMorgan closes down NBFC unit

JPMorgan is closing down its NBFC JP Morgan Advisors India. The global bank is among the 45 which have surrendered their NBFC licenses in 2019. However, JPMorgan continues to operate another in NBFC in India – JPMorgan Securities India. A spokesperson for the bank said it is not exiting the NBFC business and will continue to operate JPMorgan Securities India. He clarified that the underlying business of JPMorgan Advisors had ceased to exist a few years ago and hence it had surrendered the licensee. The company was a subsidiary of JPMorgan Special Situations (Mauritius) and part of the JPMorgan Chase Group. At the end of FY2018, it had assets of Rs 600 crore.

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