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JPMorgan submits application for majority-owned China securities business

Published 14/05/2018, 06:44
Updated 14/05/2018, 06:50
© Reuters. FILE PHOTO: JP Morgan Chase & Co sign outside headquarters in New York

© Reuters. FILE PHOTO: JP Morgan Chase & Co sign outside headquarters in New York

HONG KONG (Reuters) - JPMorgan Chase & Co (N:JPM) said on Monday it had submitted an application to the Chinese securities regulator for setting up a new onshore securities business in which the U.S. bank would own a 51 percent stake.

The bank's asset and wealth management unit is also working on increasing its current joint venture stake to a majority interest, subject to an agreement with its joint venture partner and the relevant authorities, it said in a statement.

JPMorgan also said it had appointed Mark Leung as the chief executive of its China business.

© Reuters. FILE PHOTO: JP Morgan Chase & Co sign outside headquarters in New York

The submission of the application to the regulator marks a step towards JPMorgan's return to China securities business after 2016 when it sold its 33 percent holding in a similar venture to its local partner.

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