SHANGHAI (Kyodo) Mizuho Corporate Bank on Friday became the first Japanese bank to open a Chinese subsidiary.

The subsidiary, based in Shanghai, will be able to receive Chinese approval for new financial services and branches more easily, said Mizuho Corporate, a unit of Mizuho Financial Group Inc.

Mizuho Corporate already has Chinese branches in Beijing and Dalian, providing lending and foreign-exchange services mainly for Japanese firms operating in China.

Bank of Tokyo-Mitsubishi UFJ plans to launch its Chinese subsidiary later this year.

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