JPMorgan receives Chinese banking license
24 July 2007
American bank JPMorgan Chase was granted a commercial banking license by the Chinese authorities yesterday and admitted it was considering a push into retail banking services. However, Gaby Abdelnour, CEO and chairman of JPMorgan Asia Pacific, told the Financial Times that this was "a long-term dream that will require a lot to make it a reality". JPMorgan is the first foreign bank to be locally incorporated in Beijing. Other foreign banks like HSBC, Citigroup, Standard Chartered and Bank of East Asia are Shanghai-registered. More banks are likely to follow in coming months, notably Deutsche Bank and Société Générale, as overseas lenders look to capitalize on opportunities in renminbi-denominated business. Abdelnour also suggested that JPMorgan would now look to develop new joint ventures with local partners.