12/18/2019, 1:06 PM (Source: TeleTrader)
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JPMorgan to set up securities venture in China

American investment company JPMorgan Chase & Co. announced on Wednesday that Chinese regulators gave the green light for the firm to establish a majority-owned securities venture in the country. As per the official announcement, it will offer investment advisory, brokerage, underwriting and sponsorship.

Jamie Dimon, chairman and chief executive officer of JP Morgan Chase (pictured), said the bank will "continue to invest in and fully support our business in the country, which has become a critical market for many of our domestic and global clients."

Chinese financial sector is worth trillions of dollars and China decided to improve its laws allowing foreign companies wider access to its banks, funds and insurance businesses.

Breaking the News / TF