JPMorgan targeting full ownership of mainland operations as it completes 100 years in China
- US bank plans to take full ownership of its mainland operations from securities to asset management next year, says Mark Leung, JPMorgan’s China CEO
- In December, JPMorgan received approval in China for a majority-owned securities licence, becoming only the third foreign bank after UBS and Nomura
For JPMorgan, the approval to have a majority-owned securities firm in China is just the beginning of the US bank’s game plan in the world’s second largest economy.
The New York-headquartered bank, with assets of US$2.6 trillion and operations worldwide, says it plans to take full ownership of its mainland operations from securities, asset management to 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.