JP Morgan Private Bank has confirmed the departure of Samir Sayeed, head of international Indian business, after three years in this London-based role.

Mr Sayeed joined JP Morgan Private Bank from Citigroup Private Bank in February 2006; he had formerly been with Citigroup for 11 years. It is not yet known what Mr Sayeed’s next role will be, nor who will replace him at JP Morgan Private Bank.

In other recent developments, it was reported earlier this month that JP Morgan India plans to launch private banking operations in the country within the next year.

In an interview with Dow Jones, the unit’s chief executive, Kalpana Morparia, was quoted as having said: "Given India's potential and rising affluence, we will get into the private banking business. It should I believe happen in a year." She did not however give specifics of teams and the prospective business’ size, saying it was "too soon" to talk about such details.