JP Morgan seeks new 51%-owned broker
Print Edition
JP Morgan Chase & Co has applied to the China鈥檚 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鈥檚 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鈥檚 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鈥檚 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.
鈥淲e will hire people, lend to businesses, support the development of markets and strengthen communities through philanthropic initiatives,鈥 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 鈥渆ncouraging sign鈥 for the world鈥檚 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鈥檚 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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
