JP Morgan Approved for Full Ownership of China Securities Unit
(10 August 2021 – China) JP Morgan has obtained approval from the China Securities Regulatory Commission (CSRC) to take full ownership of its mainland China securities unit, marking the first foreign firm to do so.
The Bank will purchase 100 percent of the business, up from its current 71 percent.
JP Morgan was the second foreign bank to apply for full control of its securities joint venture, following Goldman Sachs in December last year.
“China represents one of the largest opportunities in the world for many of our clients and for JPMorgan Chase,” said JP Morgan chief executive Jamie Dimon. “Our scale and global capabilities give us a unique ability to help Chinese companies grow internationally and also support global investors as they expand into China’s maturing capital markets.”
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