J.P. Morgan and First Capital Securities have received the final business permit that will allow them to start operations at their securities joint venture in China. This comes a month after Morgan Stanley got the go-ahead for its JV with Huaxin Securities and will make J.P. Morgan the eighth international bank able to underwrite and sponsor primary equity and corporate bond issues in China’s domestic market.
Echoing his comments from early January when the two firms received regulatory approval to set up the joint venture, J.P. Morgan’s chairman and CEO for Asia-Pacific, Gaby Abdelnour, referred to the establishment of the JV as an important milestone in the bank’s 90-year history...
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