JPMorgan sets up base in Beijing

JPMorgan Chase Bank yesterday announced the official opening of its locally incorporated bank in Beijing.

It is the first foreign lender to headquarter in Beijing after getting the go-ahead for local incorporation since the government allowed it last year.

The local incorporation will enable the bank's three branches in Beijing, Tianjin and Shanghai good access to products, licenses and service areas previously out of their reach as branches of a foreign bank.