JPMorgan Chase & Co. has applied to take full control of its China securities venture as the U.S. bank plows ahead with an expansion.
The bank has entered definitive agreements with existing partners in its securities and asset management ventures and has been answering questions from regulators on the application, said Mark Leung, the bank’s chief executive for China, in a Bloomberg Television interview.
“We have handed in our application, we have gone through multiple rounds of Q&A,” he said. “Fingers crossed, our target is to get it done as soon as possible.”
JPMorgan and Goldman Sachs Group Inc., which has also started the process of getting clearance from regulators for full ownership in its securities venture, are competing to become the first Wall Street bank with full control after China relaxed ownership rules last year.
Firms are adding staff and office space and expanding in everything from futures and brokerages to asset management with billions in potential profits to chase in the world’s most populous nation.