US-China bank JV got nod

08:34, January 10, 2011      

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Two United States banks yesterday said they've obtained regulatory approval to set up a securities business in China with domestic partners.

JPMorgan Chase &Co said the China Securities Regulatory Commission gave it the green light to form a securities joint venture with First Capital Securities Co, while Morgan Stanley said its partnership with Huaxin Securities Co has also been approved.

With the joint ventures, the two American banks can underwrite stocks and bonds in one of the fastest growing securities markets in the world.

The two banks hold the maximum 33 percent allowed for overseas lenders in securities joint ventures under the law.

The nod marks the maiden entry for JPMorgan while Morgan Stanley is making a comeback after selling shares in China's first investment bank, China International Capital Corp, last year.

Source: Shanghai Daily
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