JPMorgan Chase & Co. won approval from Chinese regulators for registration of full ownership of its China securities venture, a step it said would broaden its client base in the region, reported Bloomberg.
The China Securities Regulatory Commission granted the US bank permission for 100% control of J.P. Morgan Securities (China) Co., the firm said on Friday in a statement. JPMorgan had already boosted its stake in the securities venture to 71% in November, and last year obtained approval to take full ownership of a futures venture.
“China represents one of the largest opportunities in the world for many of our clients and for JPMorgan Chase,” Chief Executive Officer Jamie Dimon said in the statement. “Our scale and global capabilities give us a unique ability to help Chinese companies grow internationally and also support global investors as they expand into China’s maturing capital markets.”