JPMorgan invests in subsidiary to expand
By Hu Xiaocen |
May 29, 2012, Tuesday
|
Print Edition
Print Edition
JPMORGAN Chase & Co, the largest bank in the US, has injected 2.5 billion yuan (US$394 million) into its Chinese subsidiary to fuel expansion in the world's second-biggest economy.
"The capital will be used to expand the bank's branch network, develop products, increase corporate lending and recruit employees," said Shao Zili, chairman and CEO of JPMorgan China. "The additional capital will better position the bank in the evolving regulatory environment and cement our commitment to clients in China."
The capital infusion brings the total registered capital of its China unit to 6.5 billion yuan, a statement released by the New York-based lender yesterday said.
Meanwhile, JPMorgan China has received approval from the China Banking Regulatory Commission to open a new branch in Suzhou, Jiangsu Province. The lender's network also covers Beijing, Shanghai, Tianjin, Guangzhou, Chengdu and Harbin.
"These two initiatives mark a significant milestone in the strategic development of our operation in China," Shao said.
"The branch in Suzhou will be a strong addition to our existing network in China, enabling us to better satisfy the financial needs of corporate and financial institutional clients in the region."
Other foreign banks have also boosted capital to grow and meet rising demand for financial services in China.
"The capital will be used to expand the bank's branch network, develop products, increase corporate lending and recruit employees," said Shao Zili, chairman and CEO of JPMorgan China. "The additional capital will better position the bank in the evolving regulatory environment and cement our commitment to clients in China."
The capital infusion brings the total registered capital of its China unit to 6.5 billion yuan, a statement released by the New York-based lender yesterday said.
Meanwhile, JPMorgan China has received approval from the China Banking Regulatory Commission to open a new branch in Suzhou, Jiangsu Province. The lender's network also covers Beijing, Shanghai, Tianjin, Guangzhou, Chengdu and Harbin.
"These two initiatives mark a significant milestone in the strategic development of our operation in China," Shao said.
"The branch in Suzhou will be a strong addition to our existing network in China, enabling us to better satisfy the financial needs of corporate and financial institutional clients in the region."
Other foreign banks have also boosted capital to grow and meet rising demand for financial services in China.
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