US based JP Morgan is likely to close its retail banking operations in Malaysia, in a bid to offload individual loans and deposits businesses, and to focus on wholesale banking across the globe.
Malaysia is the only country in Asia, where the lender offers its retail banking services, although it has not revealed further information about closure of the business.
JP Morgan spokesman Chris Cockerill was quoted by Reuters as saying the decision to shut down will not affect overall business or strategy in the Southeast Asian country.
"We continue to invest in our treasury services operations, our global corporate bank activities as well as investment banking – for example, in our equity capital markets business, we are the No.2 foreign bank in the market," Cockerill added.
Having launched its commercial banking services in Malaysia in 1964, the US lender presently provides investment banking, equities trading, and treasury and security services along with corporate banking.
Operating in over 100 countries, the bank is part of JP Morgan Chase & Co with assets of $2.3 trillion, and provides asset management, commercial banking, private banking, investment banking and security as well as treasury services.