JPMorgan will own 71% of its Chinese securities joint venture after completing the transaction to buy a 20% stake from one of its local partners, according to an exchange filing on Monday.
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. A filing to the exchange on Monday showed JPMorgan paid 177 million yuan for the stake and the deal was completed on Oct. 23.The securities joint venture houses investment banking, research, equities and fixed income businesses.
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