In December, JPMorgan received approval in China for a majority-owned securities licence, becoming only the third foreign bank after UBS and Nomura

For JPMorgan, the approval to have a majority-owned securities firm in China is just the beginning of the US bank’s game plan in the world’s second largest economy.

The New York-headquartered bank, with assets of US$2.6 trillion and operations worldwide, says it plans to take full ownership of its mainland operations from securities, asset management to futures options next year when it celebrates its 100th anniversary in China next year.

As part of a four-year investment plan, the full ownership will allow the bank to confront international peers and mainland banking giants.

Mark Leung, CEO for China at JPMorgan, said full ownership is an important criteria to deliver a seamless experience for Chinese clients, adding that he hopes to achieve the target by next year as it marks JPMorgan’s centenary in China.