JP Morgan said on slotxo Friday it received regulatory approval to take full control of a brokerage house in China, making it the first foreign bank to do so as China further liberalizes its 50,000 financial services sector. billions of dollars.
The China Securities Regulatory Commission has approved the registration of J.P. Morgan International Finance taking full ownership of its Shanghai-headquartered securities firm, according to a statement.
China was "one of the greatest opportunities in the world," said Jamie Dimon, president and CEO of J.P. Morgan.Our scale and global capabilities give us a unique ability to help Chinese companies expand internationally and also support
global investors as they expand into mature Chinese capital markets,” a- he added.The Wall Street giants accelerated their entry into the Chinese market as the country lifted ownership limits on securities and fund management companies in April last year.
BlackRock, the world's largest asset manager, became the first licensed to start an onshore mutual fund business in China in June.Goldman Sachs and Morgan Stanley were approved to take a controlling stake in their Chinese equity joint ventures in 2020.