JPMorgan takes 71per cent in China securities business

JPMorgan will own 71per cent of its Chinese securities joint venture after completing the transaction to buy a 20per cent stake from one of its local partners, according to an exchange filing on Monday.

The deal, which was first flagged in September, will see the Wall Street bank edge closer to full ownership of the securities business in China as geopolitical relations between the United States and China remain fragile.It will also position JPMorgan as the foreign bank with the highest ownership stake in a mainland Chinese securities joint venture.

The stake was put up for sale by state-owned Shanghai Waigaoqiao FTZ, a filing on the Shanghai United Assets and Equity Exchange in September showed.

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