JPMorgan Chase may buy Asian bank

DAVOS, Switzerland, Jan. 26 (UPI) -- JPMorgan Chase & Co., the third-largest U.S. bank, may buy a retail bank in Asia to boost consumer lending overseas, a regional executive said Friday.

"We have to get a retail presence globally," the bank's Midwest U.S. Chairman William Daley said in an interview at the World Economic Forum in Davos, Switzerland.

He said China, India and other developing Asian countries "might present themselves more quickly'' than Europe.

The former U.S. commerce secretary did not say if he or JPMorgan were eyeing any banks for investment or purchase.

Such a move would make JPMorgan a significant global competitor for Citigroup Inc. and HSBC Holdings, both of which operate in Asia, Crain's New York Business reported.

Citigroup receives about 15 percent of its revenue from Japan and other parts of Asia, while JPMorgan gets less than 1 percent of its revenue from the same area.