JP Morgan gets go-ahead for local incorporation in China
The US bank joins HSBC, Standard Chartered, DBS and Citigroup in the ranks of those licensed by the China Banking Regulatory Commission to offer local and foreign currency banking services, including derivatives products, onshore.
Previously, the banks were restricted to offering foreign currency services to individuals, and local and foreign currency services to enterprises.
JP Morgan Chase Bank (China) will open in Beijing in August with additional branches in Tianjin and Shanghai. The bank
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