JPMorgan Applies for Regulatory Approval to Fully Own Chinese Joint Venture
JPMorgan has applied to regulators for approval to gain full ownership of its mainland Chinese securities joint venture.
The leading bank currently owns 71% of the joint venture after buying out one of its business partners last year. The move to full ownership comes in light of Goldman Sacks taking full control of its Chinese business.
Given Beijing scrapped foreign ownership limits in the securities and mutual fund industry last year, full ownership is a great opportunity that could allow foreign banks to expand their operations in the Chinese financial sector, and better integrate them with their global businesses.
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