JPMorgan to set up branch in Chengdu

U.S.-based financial holding company JPMorgan Chase & Co will set up a branch in Chengdu, sources reported, citing Huang Xiaoxiang, vice governor of Sichuan province, as saying.

Huang revealed that JPMorgan has passed the regulatory examination in principle, and expects to secure the approval as early as the end of December.

Apart from JPMorgan, eight foreign banks have set up local branches in Chengdu, and 142 companies from Fortune 500 have set up subsidiaries in Sichuan, said Huang.

He expected Sichuan's GDP growth for this year to hit 9.5%.