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`Hugely positive' event for both

Our Bureau

MUMBAI, Sept. 13

THE global acquisition of J.P. Morgan by Chase Manhattan will be ``hugely positive for both the companies'' vis-a-vis their Indian operations, Mr Anil Bhalla, Managing Director and Senior Country Officer, Chase, told Business Line.

Mr Bhalla said Chase and JP Morgan would complement each other in providing operational synergies. ``JP Morgan has a successful primary dealership and presence in the Government securities market. The combined entity would also benefit from its niche ban king experience,'' he said.

``Our recent acquisition of Jardine Fleming and now JP Morgan would help us consolidate in the mergers and acquisitions market, equity research, and corporate financing. We would be able to offer a complete set of investment banking products and services to our customers'', Mr. Bhalla said.

Mr Dominic Price, Country Head, India, Morgan Guaranty Trust Company, said operations of both the entities in India were complementary.

JP Morgan which started operations in the country in 1988, currently has three outfits _ Morgan Guaranty Trust Company, the investment bank, J.P.Morgan Securities India Pvt Ltd, a primary dealer and J.P.Morgan Services India Ltd, providing technology ser vices.