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May 15, 2018

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JP Morgan seeks new 51%-owned broker

JP Morgan Chase & Co has applied to the China’s securities regulator to form a new securities company in which it will hold a 51 percent stake, the US bank said yesterday.

The application is part of the US bank’s package of initiatives, including the appointment of a new chief executive officer for China, to further grow its onshore business in the country.

The bank’s corporate & investment bank unit has submitted an application to the China Securities Regulatory Commission to establish a new, fully-integrated securities company in which it will hold 51 percent. The bank said it will raise its stake to 100 percent as allowed by regulations over the next few years.

The banking giant’s asset and wealth management business is also seeking to raise its 49 percent stake to majority interest in China International Fund Management Co, a joint venture of JP Morgan Asset Management Ltd and Shanghai International Trust Co, according to a latest statement from the lender.

“We will hire people, lend to businesses, support the development of markets and strengthen communities through philanthropic initiatives,” said Jamie Dimon, chairman and chief executive officer of JP Morgan Chase.

He added these developments are important for China, the US and global commerce, and an “encouraging sign” for the world’s two largest economies.

The bank also said yesterday it has appointed Mark Leung as the CEO of China. Leung will be responsible for managing onshore and offshore activities in the country, helping to bring JP Morgan’s global network and resources to the country.

In a 21-year-long career with JP Morgan, Leung has worked in Hong Kong, Singapore and Japan. Most recently, he served as the co-head of global equities & prime services.

The bank is also looking to double its research coverage of all China-listed companies, and to sharply raise its recruitment of talented graduates from Chinese universities.


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