Skip to main content

Market Overview

JPMorgan In Talks For Another Wealth Management Joint Venture In China: Report

JPMorgan In Talks For Another Wealth Management Joint Venture In China: Report

JPMorgan Chase & Co (NYSE: JPM) is in plans to set up another wealth management joint venture in China, reports Bloomberg.

What Happened: The talks between JPMorgan and the commercial banking entity China Merchants Bank ADR (OTC: CIHKY) are in the early stages and the U.S. bank may not have a controlling interest in the venture, people familiar with the matter told Bloomberg.

In November, JPMorgan bought a 20% stake from its local JV partner Shanghai Waigaoqiao FTZ, raising the American investment bank’s control to 71%.

Why Does It Matter: The $53 trillion Chinese financial industry is witnessing a flurry of interest from financial entities after the regulators opened up the nation’s economy to foreign investors. The new Chinese regulations allow foreign entities to exercise 100% control in their mutual fund joint ventures.

In the first week of December, there were reports that Goldman Sachs Group Inc (NYSE: GS) will acquire 100% of Goldman Sachs Gao Hua Securities Co. (GSGH) — its securities venture in China.

Price Action: JPM stock closed at $125.87, 0.94% lower on Monday.

Photo courtesy: Wikimedia


Related Articles (JPM)

View Comments and Join the Discussion!

Posted-In: China Wealth managementNews Events Media Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at