24.07.07 10:20 Age: 14 yrs
JPMorgan Gets Final OK to Incorporate in Beijing
Beijing, China - July 24, 2007
JPMorgan Chase & Co said Monday it received final 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, which would allow it to offer local-currency services to Chinese individuals.
In an official Press Release by JPMorgan yesterday, said JPMorgan Chase Bank (China) Co. will be based in Beijing and will start operating later this year. It will have a branch each in Beijing, Tianjin and Shanghai.
According to JPMorgan, Peter Lighte, a Senior Vice President has been appointed as Chairman of the bank in China and will relocate from London to Beijing starting August 2007.
"By 'going local,' JPMorgan is no longer simply in China; rather, we are becoming part of its economic landscape," said Lighte, who headed international client coverage for JPMorgan's treasury and securities services in Asia, Europe, the Middle East and Africa.
Mr. Lighte has a PhD in East Asian Studies from Princeton University.
(Source: Market Watch) - click here to read more.