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JPMorgan Injects Additional CNY2.5 Billion Into China Banking Unit


-- JPMorgan says it has increased registered capital of JPMorgan Chase Bank (China) Co. by CNY2.5 billion

-- JPM says the capital will be used to expand network, increase corporate lending and recruit employees

-- The capital injection into JPM China is the second in three years

(Adds backgrounds about foreign banks in the 4th and 5th paragraphs, JPM's Suzhou branch and other branches in the last two paragraphs.)

SHANGHAI -(Dow Jones)- JPMorgan Chase & Co. (JPM) said Monday it has injected an additional CNY2.5 billion ($395 million) into its China banking subsidiary, making it the latest foreign bank to boost 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," said Zili Shao, chairman and chief executive of JPMorgan China. "The capital will be used to expand the bank's branch network, develop products, increase corporate lending, and recruit employees."
http://www.nasdaq.com/article/update-jpmorgan-injects-additional-cny25-billion-into-china-banking-unit-20120527-00041