Jardine Fleming, Hong Kong's largest independent investment banking group, was swallowed up by Chase Manhattan Corporation yesterday as part of an agreed US$7.7 billion (HK$59.9 billion) deal to buy British investment bank Robert Fleming.
The sale brings to an end a remarkable success story that saw Jardine Matheson and Robert Fleming initially invest only US$100,000 each to create Jardine Fleming in 1970.
By last year, Jardine Fleming - which runs one of the most enviable asset management and investment banking franchises in Asia - had total assets of GBP2.1 billion (HK$25.87 billion).
Analysts said the acquisition by Chase marked the continued dominance of US investment banks in financial markets worldwide.
The new group is to be called Chase Flemings and the Jardine Fleming name will largely disappear on completion of the deal.
The deal, which comes after 2.5 months of talks, also brings an end to Robert Fleming's independence.