Nov. 15 (Bloomberg) -- JPMorgan Chase & Co., the U.S. bank which navigated the financial crisis without a quarterly loss, is set to buy the remaining shares in brokerage Cazenove for around 1 billion pounds ($1.7 billion) by the end of November, the Sunday Telegraph reported.

An offer of over 500 pence per share is expected as early as this week and by the end of the month, the newspaper said, citing unidentified sources. JP Morgan has until February next year to exercise an option to buy out its investment banking partner under terms of their initial deal five years ago. Cazenove Chairman David Mayhew is among several bankers to receive a large payout for his stake, valued at 18 million pounds, the Telegraph said.

A spokesman for the U.S. bank told the paper that “discussions are continuing but no conclusion has been reached.”

To contact the reporter on this story: Sarah Shannon in London at sshannon4@bloomberg.net.

Last Updated: November 15, 2009 03:18 EST