JPMorgan China chairman and chief executive Zili Shao said that the additional capital will better position the bank in the evolving regulatory environment and cement its 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." Shao added.
The additional capital infusion brings the total registered capital of JPMorgan Chase Bank (China) Co. to CNY6.5bn, said the US lender.
In 2009, JPMorgan raised its registered capital for the first time in its China unit from CNY2bn to CNY4bn.
China’s banking regulator has also given approval to the bank to open a new branch in Suzhou, a town in the eastern Jiangsu province, which already has branches in six Chinese cities.
Currently, the US bank’s China unit offers solutions that include cash and liquidity management, trade finance, risk management, foreign exchange and corporate banking.
The latest capital infusion follows Australia & New Zealand Banking Group announcement about the investment of an additional CNY2bn ($317m) in expanding its China operations.
