(Yicai Global) May 14 -- J.P. Morgan Corporate & Investment has applied to China's securities regulator to set up a new securities company, it announced today. It plans to hold a 51-percent share and raise its holding to 100 percent in due course.
The bank's Asset & Wealth Management business is also pursuing its desire and intent to increase its current joint venture stake in China International Fund Management Co Ltd to a majority interest, subject to agreement with its joint venture partner and the relevant authorities.
"Our investment in China is a commitment to bring the full force of JPMorgan Chase and our resources to the country," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. "We will hire people, lend to businesses, support the development of markets and strengthen communities through philanthropic initiatives. These developments are important for China, the U.S. and global commerce, and an encouraging sign for the world's two largest economies."
JPMorgan Chase has also appointed Mark Leung as chief executive of its China operations, the announcement related. Leung, a 21-year staffer, leaves his post as co-head of the J.P Morgan conglomerate's global equities and prime services division to assume the new post.
As a result of these initiatives, J.P. Morgan intends to significantly increase its hiring of talented graduates from local universities and develop their international skills.