Regulator approves JP Morgan Chase unit

Monday, July 24, 2006

Colombia's financial regulator Superfinanciera has given US banking giant JP Morgan Chase (NYSE: JPM) the green light to begin operating as an investment bank in the country, Superfinanciera said in a report.

Last May, JP Morgan opened an equity trading operation at its Mexico City office to enhance the bank's capital markets and investment banking capabilities for clients doing business in Latin America.

The bank has said it is mulling entering the retail banking sectors in Mexico, Brazil and other emerging markets in the next 3-5 years.

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