JPMorgan Injects $394 Million in China Unit on Faster Growth
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JPMorgan Chase & Co., the biggest U.S. bank, increased the capital of its China unit by 2.5 billion yuan ($394 million) to meet rising demand for financial services in the world’s fastest-growing major economy.
The second infusion since the local subsidiary was incorporated in 2007 will bring its capital to 6.5 billion yuan, the New York-based lender said in an e-mailed statement today. The U.S. bank also received approval from the China Banking Regulatory Commission to open a branch in Suzhou.