JPMorgan approved for majority-controlled firm in China

JPMorgan Chase announced on Friday that it has received approval from the China Securities Regulatory Commission (CSRC) to establish a new majority owned and controlled securities company in China.

The new company, J.P. Morgan Securities (China) Company Limited, is a majority-controlled securities company in China.

It will allow J.P. Morgan to further strengthen its onshore platform and offer a complete set of services and solutions to its clients both in China and globally, said a statement.

Nicolas Aguzin, chairman and CEO of J.P. Morgan Asia Pacific, said, "China is one of the largest and fastest-growing markets in the world and represents one of the most exciting opportunities for many of our clients and our firm. It's a critical component of our growth plans globally as well as in Asia-Pacific and the progress and investments we continue to make reflect our long-term commitment to bringing the full force of our firm to the country."

"This is a major milestone in J.P. Morgan's long history in China. We are very excited to have the opportunity to further strengthen our market presence to better support our clients and the local economy, " said Mark Leung, CEO of J.P. Morgan China.