A senior JP Morgan director has said the bank is considering starting a private banking service in Japan early next year. An interview w...

A senior JP Morgan director has said the bank is considering starting a private banking service in Japan early next year.

An interview with James Dimon, currently chief operating officer and due to become chief executive of JP Morgan in 2006, in Japan’s leading business daily Nihon Keizai, disclosed the plans for the private bank.

Mr Dimon was quoted as saying the bank plans to beef up its compliance and other necessary systems before starting the new service.

The London-based spokeswoman for the private bank was not able to add any additional comment to WealthBriefing on to the planned move.

JP Morgan Private Bank has a sizeable business in Asia, mostly centred on Hong Kong and Singapore.

A number of the major global wealth management firms have expressed an increased interest in the Japanese private banking market, especially since Citigroup’s private banking business in the country was forced to close down last year by the Japanese financial regulator for compliance shortfalls.

UBS has developed a strong investment banking business in Japan and some analysts say this could provide a useful step into the country’s wealth management sector. HSBC Private Bank has also become more active in Japan in recent months.