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PrintJul 23, 2007
Press Release
Beijing / Hong Kong, July 23, 2007 – JPMorgan Chase Bank has received approval from the China Banking Regulatory Commission ("CBRC") to establish a locally incorporated bank in China. This is the first time that the CBRC has granted a foreign bank approval to incorporate in Beijing.
The new bank, JPMorgan Chase Bank (China) Company Limited, will commence business later this year. Headquartered in Beijing, the bank will serve JPMorgan’ s major banking and financial operations throughout the mainland. The incorporation is a significant milestone in JPMorgan Chase's 87-year history of operations in China and will accelerate the expansion of the firm's businesses, and broaden its geographic reach.
Peter Lighte, a Senior Vice President heading up International Client Coverage for Treasury and Securities Services for EMEA and Asia, has been appointed Chairman of the bank. Peter, who has a PhD from Princeton University in East Asian Studies, joined the group in 1979. He has previously held senior roles in China and will relocate to Beijing next month to lead the launch of the new bank later this year.
Gaby Abdelnour, Chairman and CEO of JPMorgan Asia Pacific said he was delighted that JPMorgan Chase has won approval from the CBRC to incorporate in Beijing." Through the establishment of JPMorgan Chase Bank (China) Company Limited we will be able to boost the pace of our expansion in the businesses of trading and risk management in China. The incorporation also demonstrates the firm’s strong support of the government’s efforts to develop China’s financial market, " Mr Abdelnour said.
Mr. Wang Qishan, the Mayor of Beijing, congratulated JPMorgan. "The Beijing Municipal government has long been committed to optimizing conditions within the business environment and to promoting the development of the financial services industry. As a result, we’ve been quite successful in attracting a number of renowned international financial institutions, including JPMorgan, which have been incorporated in Beijing. We will continue providing first-class service to further assist the development of international financial institutions in Beijing. It’s also our strong belief that JPMorgan will have a brighter future in China," Mr. Wang said.
Charles Li, Chairman of JPMorgan China said: "It is highly significant that JPMorgan Chase has become the first foreign bank to receive approval from the CBRC to locally incorporate in Beijing. Our franchise will receive important advantages from this incorporation, which further strengthens our position as a leader in the Chinese financial services sector. The benefits will be immediate and they will reinforce our overall strategy for expansion."
JPMorgan Chase Bank (China) Company Limited will have one branch in Beijing, Tianjin and Shanghai. The Beijing Branch of JPMorgan Chase Bank, N.A., will remain in existence and will be specifically engaged in foreign exchange wholesale business.