In addition, Kam Shing Kwang has been selected as the chairwoman of North Asia at JPMorgan.
Patel succeeds Kwang who has been the CEO of Asia Private Bank for over six years. In this role, Patel will report to Martin Marron, CEO of the International Private Bank and Filippo Gori, CEO of JPMorgan in Asia Pacific.
Furthermore, Patel joins the private bank from the JPMorgan Corporate and Investment Banking business in Asia and will keep the role of CEO of JPMorgan Hong Kong.
In addition, Kwang will advise on the firm’s strategic agenda and continue to strengthen key stakeholder relationships in the area. She has been with the firm for 25 years and held a number of senior positions between Hong Kong and Singapore.
“Kam Shing’s leadership, passion for our business and relentless commitment have helped catapult our Asia Private Bank and its exceptional growth. We thank her for her many contributions thus far and are excited to continue to benefit from her strategic guidance in her new role as JPMorgan’s Chair of North Asia, ” commented Mary Callahan Erdoes, CEO of JPMorgan Asset & Wealth Management.
“The Asia Private Bank operates in a key region for JPMorgan’s private banking business, which oversees more than $2.2trn in client assets globally,” said Marron. “With a smooth transition and under Harshika’s leadership, we look forward to furthering our success as she brings her versatile client management capabilities, leadership expertise and focus on excellence to her new role.”
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“It’s fantastic to work and partner with two such exceptional executives as Harshika and Kam Shing. The insights and experience they bring to their new roles will be invaluable as we continue to invest and build out our business in this region, which is a key focus for the firm globally,” added Gori.
In August 2023, JPMorgan Chase stated that it will increase its investment in the Brazilian C6 Bank from 40% to 46%, subject to regulatory approval.
In June 2021, JPMorgan Chase and C6 Bank established their initial strategic partnership.
Since that time, the digital bank’s clientele has climbed from eight million to 25 million, and its whole loan portfolio has grown from R$9.5bn ($1.94bn) to R$40bn ($8.2bn).