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J.P. Morgan's History & Future in China
A financial partnership 90 years in the making has laid the groundwork for decades more
HIGHLIGHTS
- J.P. Morgan underwrote Huguang Railway’s US$7.5mm bond in 1911
- Offices in China since 1921
- The first U.S. bank to be designated as Bank of China's correspondent bank
- Local offices and talent provide the advantage of a deep understanding of the markets paired with global reach
J.P. Morgan's relationship with China dates back to 1911. That year, we headed a syndicate of underwriters to manage Huguang Railway's US$7.5mm bond issuance. Then, in 1921, Equitable Eastern Banking Corp., one of J.P. Morgan's predecessor firms, opened its Shanghai branch. A decade later, a merger helped us attain branch offices in other major cities throughout China. With that, the groundwork was laid for future success in what was clearly becoming a market of opportunity for our clients.
In 1973, Chase became the first U.S. bank designated as Bank of China's correspondent bank. And just last year, J.P. Morgan received approval from China's Securities Regulatory Commission (CSRC) to establish a joint securities venture, J.P. Morgan First Capital Securities Company Limited, giving us access to the country's flourishing stock and bond markets.
Our strong foundation in China has proven vital to serving the needs of international clients, both in China and abroad. The broad range of services we offer in China — across investment banking, risk management, commodities, trade finance, foreign exchange and derivatives, futures brokerage, and private equity, among others — is the product of years of commitment by our people on the ground.
As we continue to invest in China's economy, we also look to invest in its people. In 2010, the JPMorgan Chase Foundation gave more than US$150mm through grants and sponsorships to thousands of not-for-profit organizations around the globe, and China was no exception.
We have also invested heavily in civil programs in a variety of key areas. They include education initiatives for both children and young adults, social programs, and art programs. Perhaps most importantly, we have lent a helping hand during natural disasters, including relief efforts after the 2008 earthquake in the Sichuan province and the 2010 Qinghai Yushu quake.
We've built long-lasting relationships with our clients in China by committing to the places they call home. We hire locally, allowing our clients to benefit from the insights of people who deeply understand the markets. It's why we operate as if we've been there all along — because, in many ways, we have.