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