JPMorgan Chase said on Monday that it planned to take a majority stake in its Chinese asset and wealth management joint venture China International Fund Management, just days after it applied to re-enter China’s securities market with a majority controlled company.
The US bank also said on Monday that it has appointed JPMorgan veteran Mark Leung as its chief executive of China, although it has not yet said who its local partner is.
China issued rules in late April that allowed foreign banks to apply to increase their stakes to 51 per cent in securities companies in the country, and UBS and Nomura have since applied to get majority owned companies.
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