JPMorgan Chase to seek wholly-owned Chinese brokerage
US multinational investment bank plans to launch a new joint venture with a 51% ownership stake to boost global potential
JPMorgan Chase said it hopes to wholly-own a securities company in China in the future, just five days after releasing its plan of setting up a new joint venture brokerage and holding 51% of the shares, The Paper reported.
JPMorgan’s Corporate and Investment Banking sector submitted an application to the China Securities Regulatory Commission on May 10, seeking to establish a new securities firm in China, which will play synergistic advantages with JPMorgan’s global business.
The company intends to hold a 51% stake in the new firm, and also plans to increase its shareholding to 100% under the conditions of regulatory approval in the next few years.
Meanwhile, JPMorgan’s Assets and Wealth Management sector is in the process of negotiating with its joint venture partners and relevant authorities, intending to increase its holdings in the existing joint venture, China International Fund Management Co. Ltd., to the controlling share ratio.