The American banking giant has become the first foreign firm to obtain approval from regulators to take full ownership of its mainland China securities unit.
J.P. Morgan has won approval from the China Securities Regulatory Commission (CSRC) to take 100 percent control of its securities joint venture on the mainland.
«China represents one of the largest opportunities in the world for many of our clients and for JPMorgan Chase,» said J.P. Morgan chief executive Jamie Dimon in a statement. «Our scale and global capabilities give us a unique ability to help Chinese companies grow internationally and also support global investors as they expand into China’s maturing capital markets.»
The American banking giant increased its stake in the securities unit to 71 percent in November last year.
