FILE PHOTO: People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar/File Photo
May 14, 2018
HONG KONG (Reuters) – JPMorgan Chase & Co <JPM.N> 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.
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.
(Reporting by Sumeet Chatterjee; Editing by Himani Sarkar)