JP Morgan Chase Bank (China) Company Ltd announced on Monday that it had received approval from China Banking Regulatory Commission (CBRC) to set up a branch in Suzhou city of Jiangsu Province. The Suzhou branch will be the bank's seventh branch in mainland China, and will be another step forward in the firm's commitment to establishing a comprehensive wholesale bank.

Zili Shao, Chairman and CEO of J.P. Morgan China said, "Suzhou has been a dynamic economic and industrial center in the Yangtze River Delta region. The branch in Suzhou will be a strong addition to our existing branch network in China and enable us to better satisfy the financial needs of corporate and financial institution clients in the region."