JPMorgan’s India branch is increasingly targeting intra-Asia regional business, particularly between India and China, in a reflection of the rapid growth of trade between the world’s fastest-growing large emerging markets.

The move comes as the US-based bank beefs up its presence in India, one of its most important markets in Asia, with plans to introduce onshore private banking services in the coming year.

“Now, with the very significant presence that we have in Asia, we are trying to see how we can leverage our presence in key countries in Asia across business lines,” Kalpana Morparia, chief executive of JPMorgan India, told the Financial Times at the World Economic Forum in India on Sunday.

The bank’s push to build its intra-Asian business is a further sign of how the global slowdown has elevated the role of China and India in the world economy to a new level.

Manmohan Singh, prime minister, predicted on Sunday at the WEF conference that India’s economy would grow 6.5 per cent this financial year in spite of the financial crisis.

“Everyone agrees that the economies of the world are moving in the right direction, very much driven by the strong performances in China and in India,” said Lars Thunell, chief executive and executive vice-president of the International Finance Corporation, at the WEF meeting.

“We all realise we are not delinked but perhaps we’re linked in a different way this time than we used to be.”

China became India’s biggest trading partner in 2008 with exports and imports between the two totalling $52bn. India ships iron ore to China which in turn exports consumer goods and heavy equipment, such as power plant gear, to India.

Ms Morparia said JPMorgan is expanding the traditional approach of the US-based bank operating in India. This used to be to help Indian companies go abroad and US businesses to come to India.

Now it was trying to tap into business between Indian clients and their counterparts in China and other Asian markets, such as Japan and South Korea.

“We’ve formed a cross-regional team across India and China and some of the other countries,” Ms Morparia said.

Initially, the teams will focus on trade finance for the India-China business but this could be expanded to other areas, such as mergers and acquisitions advisory work.

In India, JPMorgan also plans to launch an onshore wealth management service targeting those with financial assets of more than $5m.

Ms Morparia said JPMorgan had weathered the crisis well in India, with headcount at the bank remaining constant at about 500 people.