JPMorgan Chase has decided to expand its branch network in the Greater Washington, D.C. area by opening up to 70 new branches.

It also intends to make multiple investments in the region to support its business as a part of its recent $20bn five-year investment programme.

To support its new expansion plan, JPMorgan Chase will hire nearly 700 new employees in the regions.

The bank has also committed $4bn over five years to support its regional home and small business lending.

It has also planned to increase lending to construct rental housing by nearly 50% to $500m over the next five years, specifically for low-to moderate income communities.

JPMorgan Chase chairman and CEO Jamie Dimon said: “We have been doing business in the D.C. region since 1999, and we’re excited to now expand our consumer branch business here.

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“With this will come more than just new branches. We will lend money for affordable housing, home mortgages and small business growth. We will help customers bank and save and support business clients, large and small.”

Furthermore, the bank will step up its philanthropic investment from $10m to $25m to support economic growth in the region.

Currently, JPMorgan Chase serves more than two million consumers and around 70,000 business clients in Greater Washington region.