BEIJING, Oct. 12 (Xinhua) -- The U.S. financial service provider JPMorgan Chase has opened its locally-incorporated bank in Beijing.

    "We would provide creative business banking service, foreign exchange and risk management products," Carl E. Walter, chief operating officer of the JPMorgan Chase (China), said at the opening ceremony of the bank on Thursday.

    "We choose Beijing as the headquarter because most of the wholesale banking business clients are here", he said.

    In accordance with the Regulation of the People's Republic of China on the Administration of Foreign-funded Banks, foreign financial institutions must register locally incorporated banks to initiate Renminbi retail business.

    But the investment bank, which was approved by the China Banking Regulatory Commission to set up local incorporations on July 23, had no plan for branching into retail business for individual clients, said the bank.

    Six other foreign-funded banks will also set up local incorporations in Beijing, namely Hana Bank, Shinhan Bank, Woori Bank, Deutsche Bank, Societe Generale and UBS, according to Shanghai Securities News.

    Nine foreign-funded banks including Citibank, the Standard Chartered, and the HSBC have set up their locally incorporated banks with headquarters based in Shanghai.