JPMorgan in Talks to Sell Stake in Chinese Securities Ventureby
JPMorgan Chase & Co. is in talks to sell its stake in its China securities venture.
The New York-based bank is in discussions with First Capital Securities Co., its partner in JPMorgan First Capital Securities over the shareholding, according to a statement to the Shenzhen stock exchange, which didn’t name the buyers. No agreement had been reached, according to the statement.
The Shenzhen-based securities firm owns 66.7 percent of the venture, while JPMorgan holds the remainder. The U.S. bank confirmed the content of the announcement in an e-mailed statement.
“JPMorgan believes in the long term prospects of China and remains fully committed to our China franchise,” the bank said in the e-mailed statement. “We have a long-term strategic vision for our business in the country and continue to evaluate our options to strengthen our position in China in order to better serve our clients.”