A lot of other foreign banks including Singapore’s DBS Group as well as HSBC have either pumped or intend to inject money into their China operations that are expected to expand quickly in the near future even though expansion in the Chinese economy is showing signs of cooling. Chief executive and Chairman of J.P. Morgan China, Zili Shao said that the addition of the capital will enable the bank to strengthen ties with Chinese clients. The money will be used to hire employees, enhance corporate lending, develop products, and increase the bank’s branch network.
The local entity carries out commercial banking businesses within China and has got regulatory approval for opening of its 7th branch in Suzhou, west of Shanghai.
Last year HSBC pumped $440 million into its China unit, in spite of the fact that it terminated hundreds of investment bankers in Hong Kong, London, and many other parts of the world in order to save billions. Earlier in April, Southeast Asia’s largest bank, DBS, said it’s scheduling to inject $440 million into China unit in order to enhance its staff and network, and to improve infrastructure.Previous Post » Latest US Economy News