May 14, 2018 / 5:45 AM / 6 months ago

JPMorgan submits application for majority-owned China securities business

FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, U.S., September 19, 2013. REUTERS/Mike Segar/File Photo

HONG KONG (Reuters) - JPMorgan Chase & Co (JPM.N) said on Monday it had submitted an application to the Chinese securities regulator for setting up a new onshore securities business in which the U.S. bank would own a 51 percent stake.

The bank’s asset and wealth management unit is also working on increasing its current joint venture stake to a majority interest, subject to an agreement with its joint venture partner and the relevant authorities, it said in a statement.

JPMorgan also said it had appointed Mark Leung as the chief executive of its China business.

The submission of the application to the regulator marks a step towards JPMorgan’s return to China securities business after 2016 when it sold its 33 percent holding in a similar venture to its local partner.

Reporting by Sumeet Chatterjee; Editing by Himani Sarkar

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