July 23, 2007 / 2:36 AM / 13 years ago

JPMorgan says wins approval to incorporate in China

SHANGHAI, July 23 (Reuters) - JPMorgan (JPM.N), a Wall Street investment bank, said on Monday that it had won final regulatory approval to set up a wholly owned unit in China.

JPMorgan will locate the headquarters of its China-incorporated subsidiary in Beijing, a spokeswoman said.

More than a dozen foreign banks are queuing to incorporate their operations in China, whose banking market was fully opened to overseas lenders late last year as part of Beijing’s commitment to the World Trade Organisation, which it joined in 2001.

Locally incorporated foreign banks are allowed to offer full-fledged banking services, including credit card issuance and local currency-denominated wealth management services, to Chinese customers.

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