JPMorgan Wins China License as Financial Opening Approaches
- The securities and futures permit allows brokerage, advisory
- JPMorgan is first U.S. bank to receive Chinese nod for control
This article is for subscribers only.
JPMorgan Chase & Co. was approved for a securities business license by Chinese regulators, clearing another hurdle for the U.S. bank to expand in the world’s second-biggest economy as it opens its $40 trillion financial market.
The securities and futures permit will allow the bank to provide securities brokerage, underwriting and investment advisory services in China, paving the way for the bank’s majority-owned company to start operations, the New York-based bank said in a press statement.