JPMorgan Chase & Co. said on Monday it received final approval to set up a locally incorporated bank in China, one of the latest firms given the go-ahead for possible retail operations in the country.

The approval allows the company to offer local-currency services to individuals.

JPMorgan said in a statement that the headquarters of JP Morgan Chase Bank (China) Co. will be based in Beijing and will open later this year.

The company has appointed Senior Vice President Peter Lighte chairman of the bank newly incorporated bank.

The development makes JPMorgan the second U.S. bank to incorporate in China after Citigroup was approved in March.

Foreign banks are rushing to open their banks in the Chinese market.

Among other banks which have been granted permission to incorporate are HSBC Plc, Citigroup, Inc., Bank of East Asia Ltd., Standard Chartered Bank Plc, ABN AMRO Bank N.V., Hang Seng Bank Ltd., Wing Hang Bank Ltd., and Mizuho Corporate Bank Ltd.