JPMorgan looks to full ownership of Mainland China operations
(14 February 2020 – China) JPMorgan has announced plans to take full ownership if its mainland operations from securities to asset management and futures options next year when it celebrates its 100th anniversary in China.
As part of a four-year investment plan, the full ownership will allow the bank to confront international peers and mainland banking giants.
Mark Leung, CEO for China at JPMorgan, said full ownership was important to deliver a seamless experience for Chinese clients, adding that he hopes to achieve the target by next year as it marks JPMorgan’s centenary in China.
“Once these entities are built, they provide the foundation for us to build a very cohesive and competitive offering,” Leung told the South China Morning Post in an interview in Hong Kong.
In December, JPMorgan received approval in China for a majority-owned securities licence, enabling the company to build and provide onshore products and capabilities for clients in equity research, investment banking, equity capital markets, debt capital markets as well as mergers and acquisitions. It was the third foreign bank after UBS and Nomura to get the go ahead.
JPMorgan also has a fully owned locally incorporated bank, providing companies and financial institutions services such as, wholesale payments, cash management, trade finance and fixed income products.
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