JPMorgan expanding in China after key approval

The bank is the first US business to win approval for the JV in China

JPMorgan won approval to expand operations in China.

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JPMJP MORGAN CHASE & CO.138.02-0.18-0.13%

On Wednesday, the China Securities Regulatory Commission approved a securities and futures business permit for J.P. Morgan Securities China Company Limited which will allow the company to begin operations.

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“JPMorgan Chase is very pleased to have established our majority-owned securities company in China. We will continue to invest in and fully support our business in the country, which has become a critical market for many of our domestic and global clients,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase in the announcement.

The company will offer services and products for both Chinese and international customers including; securities brokerage, investment advisory and underwriting.

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“The establishment of our new securities company further strengthens J.P. Morgan’s domestic platform and our on-shore capabilities at a time when China’s financial markets continue to evolve and the requirements of our clients continue to develop,” said Mark Leung, CEO of J.P. Morgan China in the same statement.

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Nomura is also operating a similar venture, while Goldman Sachs applied in August, as reported by The Financial Times.

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GSGOLDMAN SACHS GROUP INC.248.59-0.87-0.35%

The approval comes as the U.S. and China agreed upon phase one of a trade deal which could be signed as early as January, said White House Advisor Larry Kudlow earlier this week.

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