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J.P. Morgan has a long history in China dating back to 1920s when the bank opened branches in Shanghai and Tianjin providing financial services to both local and foreign companies and government entities. J.P. Morgan confirmed its continued commitment to China becoming Bank of China's first American correspondent bank in 1973 and establishing a representative office in Beijing in 1981.
Today, J.P. Morgan is one of the few fully integrated foreign banks in China with leadership positions across investment banking, risk management, foreign exchange, bond underwriting, cash management, trade finance and private equity. In August 2007, J.P. Morgan locally incorporated its commercial bank branches in Beijing becoming JPMorgan Chase Bank (China) Company Limited. This marked a milestone in the firm's history in China.
Recent Milestones:
In May 2010, J.P. Morgan and First Capital Securities Co. Ltd. signed an agreement, subject to regulatory approval, establishing a securities joint venture to operate in the Chinese domestic market.
In September 2009, JPMorgan Chase Bank (China) opened its Chengdu branch, the bank's fifth branch in mainland China.
In May 2009, JPMorgan Chase Bank (China) opened its Guangzhou branch, the bank’s fourth branch in mainland China.
In February 2008, J.P. Morgan received approval from the China Banking Regulatory Commission and was formally appointed by the Ministry of Finance as a primary dealer of Chinese government bonds, the first American bank to be so appointed.
In September 2007, J.P. Morgan received approval from China Securities Regulatory Commission to form a joint venture with Zhongshan Futures. The joint venture, J.P. Morgan Futures. allows J.P. Morgan's clients to access futures local commodity exchanges and was the first foreign joint venture commodities broker to be established in China.
In July 2007, J.P. Morgan received approval from the China Banking Regulatory Commission to establish a locally incorporated bank, JPMorgan Chase Bank (China) Company Limited. J.P. Morgan was the first locally incorporated foreign bank to locate its head offices in Beijing.
In 2005, J.P. Morgan advised China National Offshore Oil Company (CNOOC) in a landmark US$19.6 billion offer for Unocal. In the same year, J.P. Morgan acted as joint book-runner for China Ocean Shipping Corporation's US$1.2 billion initial public offering on the Stock Exchange of Hong Kong.
In June 2004, J.P. Morgan Fleming Asset Management and Shanghai International Group announced the establishment of China International Fund Management (CIFM), a joint venture with capital of RMB150 million. At the same time, the China Securities Regulatory Commission also granted approval for the joint venture's first open-ended fund - CIFM China Advantage. Today CIFM has become one of the leading fund management companies in China.
In October 2003, J.P. Morgan obtained a Qualified Foreign Institutional Investor (QFII) license enabling it to serve its offshore clients by opening an investment channel into China's rapidly growing securities markets. In the same month, J.P. Morgan acted as joint book-runner for China's US$1.0 billion sovereign bond issued by the Ministry of Finance.
In October 2002, J.P. Morgan began the build out of its treasury and trading room capabilities in its Shanghai branch with the receipt of complete foreign exchange and local currency licenses. With this platform the bank began to develop treasury and risk management products tailored to the demands of its corporate, financial institution and government clients in the China market.