The largest investment Bank JPMorgan Chase & Co. began full-scale expansion into the Chinese market and could threaten the state Chinese Bank Industrial & Commercial Bank of China (ICBC), the largest credit institution in the country and in the world.
Access to the Chinese market will become one of the main drivers of the development of key global banks in the next ten years. But the real success of the largest credit institutions will come only if they can compete with Chinese state-owned banks, which still dominate the domestic financial system of China.
According to Bloomberg, JPMorgan, the Bank already has permission to be majority shareholder of the local joint venture (JV), which is necessary for foreign companies to operating in China. However, in the near future, the Bank expects to receive full control over the enterprise, and hence operations in China. This will happen after China will remove its restrictions on foreign ownership of financial institutions. Presumably, this
could happen by 2020.