May. 28, 2012 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co today said it has injected RMB 2.5 billion or US$395 million into its Chinese subsidiary, named JPMorgan Chase Bank (China) Co, to enhance presence in China.
In a statement, JPMorgan said the capital injection brought the subsidiary's registered capital to RMB 6.5 billion.
The investment will be used to expand the bank's branch network, develop products, increase corporate lending, and recruit employees, said JPMorgan China Chairman and CEO Shao Zili.
This was the second injection into the Chinese banking entity for JPMorgan in three years after the U.S. holding firm raised JPMorgan China's registered capital from RMB 2 billion to RMB 4 billion in 2009.
The U.S. bank also said it has received approval to open a new branch in Suzhou
JPMorgan currently owns branches in six Chinese cities, said a person familiar with the matter.
Weeks ago, Australia & New Zealand Banking Group Ltd announced plans to inject RMB 2 billion or US$317 million into its China operations.