JPMorgan Chase & Co. : JPMorgan Chase Injects Additional CNY2.5 Billion Into China Banking Unit
05/27/2012| 10:16pm US/Eastern
JPMorgan Chase & Co. (JPM) said Monday it has injected an additional CNY2.5 billion (US$395 million) into its China banking subsidiary, making it the latest foreign bank to shore up its presence in the world's second-largest economy.
The capital injection brings the total registered capital of JPMorgan Chase Bank (China) Co. to CNY6.5 billion, the U.S. lender said in a statement.
"The additional capital will better position the bank in the evolving regulatory environment and cement our commitment to clients in China. The capital will be used to expand the bank's branch network, develop products, increase corporate lending, and recruit employees," said Zili Shao, chairman and chief executive of JPMorgan China.
JPMorgan's latest injection into its Chinese banking entity is the second in three years--the first was in 2009 when it raised JPMorgan China's registered capital to CNY4 billion from CNY2 billion.
The latest capital injection comes a few weeks after Australia & New Zealand Banking Group Ltd. said earlier this month that it would invest an additional CNY2 billion (US$317 million) in expanding its China operations.
-Rose Yu contributed to this article, Dow Jones Newswires; 8621 6120-1200; email@example.com